{"id":1822,"date":"2019-09-18T18:28:26","date_gmt":"2019-09-18T12:58:26","guid":{"rendered":"https:\/\/aktassociates.com\/blog\/?p=1822"},"modified":"2020-03-30T14:34:34","modified_gmt":"2020-03-30T09:04:34","slug":"hindu-undivided-family-taxability-benefits","status":"publish","type":"post","link":"https:\/\/aktassociates.com\/blog\/hindu-undivided-family-taxability-benefits\/","title":{"rendered":"Hindu\u00a0\u00a0Undivided Family (HUF) : Taxability and It&#8217;s Benefits"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Meaning of HUF-Registration of HUF-Benefits of HUF, Procedure for HUF-Taxability of HUF-Coverage in HUF-Family Ascendant business\u00a0 -the advantage of huf-members of Huf benefits-Tax benefits of HUF-Home loan repayment benefit for Huf-80c benefit-Medical claim benefit 80D-Additional advantages for Huf-Save Tax in HUF<\/span><\/p>\n<h2><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-1827 aligncenter\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/09\/Hindu-Undivided-Family.png\" alt=\"Hindu Undivided Family\" width=\"700\" height=\"400\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/09\/Hindu-Undivided-Family.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/09\/Hindu-Undivided-Family-300x171.png 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/09\/Hindu-Undivided-Family-20x11.png 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/h2>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_66_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >In this article, we will discuss about...<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #1e73be;color:#1e73be\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #1e73be;color:#1e73be\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/aktassociates.com\/blog\/hindu-undivided-family-taxability-benefits\/#Existence_of_HUF\" title=\"(Existence) of HUF:-\">(Existence) of HUF:-<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/aktassociates.com\/blog\/hindu-undivided-family-taxability-benefits\/#Meaning_of_HUF\" title=\"Meaning of HUF:\">Meaning of HUF:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/aktassociates.com\/blog\/hindu-undivided-family-taxability-benefits\/#_Object\" title=\"\u00a0Object :\">\u00a0Object :<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/aktassociates.com\/blog\/hindu-undivided-family-taxability-benefits\/#How_the_Taxability_of_HUF_is_calculated\" title=\"How the Taxability of HUF is calculated?\">How the Taxability of HUF is calculated?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/aktassociates.com\/blog\/hindu-undivided-family-taxability-benefits\/#Benefits_or_Advantage_to_make_HUF\" title=\"Benefits or Advantage to make HUF:\">Benefits or Advantage to make HUF:<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Existence_of_HUF\"><\/span><b>(Existence) of HUF:-<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">A Hindu Undivided Family (HUF) is a group of individuals mainly come only from the Family members.HUF came into existence in 1917 and recognized as a separate entity. And over the years, many families have enjoyed tax benefits because of this.<\/span><span style=\"font-weight: 400;\"> \u00a0<\/span><span style=\"font-weight: 400;\">The possibility of maximizing tax benefits, in the long run, is increased in making HUF.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Meaning_of_HUF\"><\/span><b>Meaning of HUF:<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">A HUF is automatically created at the time of marriage or family ascendant. As per Income Tax provisions, HUF is taxed separately from its members. The most important thing is that HUF can also be formed by even Buddhists, Jains, and Sikhs.<\/span> <span style=\"font-weight: 400;\">HUF has its own Permanent Account Number (PAN) and has its own separate legal provisions for the Income Tax provisions.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"_Object\"><\/span><b>\u00a0<\/b><b>Object :<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">A Hindu family can come together and form an HUF. The main object is to form HUF is to take the benefits of Income Tax benefits such as <\/span>Deductions<span style=\"font-weight: 400;\"> like 80C\u00a0 by the Individual in addition to the Income\u00a0 Tax benefits are availed by them in their Individual capacity.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_the_Taxability_of_HUF_is_calculated\"><\/span><b>How the Taxability of HUF is calculated?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">As the HUF has its own PAN number, HUF DEED (that required to be get done) and HUF Bank Account number. So accordingly <a href=\"https:\/\/aktassociates.com\/blog\/income-tax-return-filing\/\">Income tax returns<\/a> are filed in the separate capacity of HUF. The following points can be seen to determine the benefits of HUF that are:-<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">A HUF is taxed at the same Tax slab rates as an individual.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Insurance policy on the life of huf members\u00a0 can be taken by HUF<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Deductions under section 80 and other exemptions can be claimed by the HUF in its income tax return.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Investments can be made from HUF\u2019s income. Dividends or interest or other income from these investments are taxable in the hands of the HUF.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Salary to its HUF members can be paid, and accordingly, this salary expense is deductible from the HUF income.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Separate tax return HUF along with its own PAN\u00a0 can be now filed by HUF.\u00a0<\/span><\/li>\n<\/ul>\n<h2><a href=\"https:\/\/aktassociates.com\/start-a-business\/huf-formation\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-1106 aligncenter\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/06\/HUF-1.png\" alt=\"HUF\" width=\"700\" height=\"150\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/06\/HUF-1.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/06\/HUF-1-300x64.png 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/06\/HUF-1-20x4.png 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/a><\/h2>\n<h2><span class=\"ez-toc-section\" id=\"Benefits_or_Advantage_to_make_HUF\"><\/span><b>Benefits or Advantage to make HUF:<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Here is how you can avail of the different<a href=\"https:\/\/aktassociates.com\/blog\/tax-benefits-hindu-undived-family\/\"> tax benefits under HUFs<\/a>.<\/span><\/p>\n<ul>\n<li><b>Income tax benefits<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">HUF is recognized as a\u00a0 separate entity as per Income Tax provisions. Here, individual members of the family have PAN cards, and the HUF has its separate PAN card. For the generation of income,\u00a0 Huf can establish its own business. It can also invest in shares and Mutual Funds. HUF get the basic tax exemption slab rate of Rs 2.5 lakh. So accordingly, one thing for the making of HUF, the huge benefit can be even in many tax deductions and exemptions. It is the benefit that is absolutely additional to his Individual capacity.<\/span><\/p>\n<ul>\n<li><b>Owning a house :<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">As per recent income tax laws, if <\/span><span style=\"font-weight: 400;\">HUF is having more than <\/span><span style=\"font-weight: 400;\">one self-occupied property, then only one of them of such residential property can be self-occupied property. The rest \u00a0 \u2018<\/span><i><span style=\"font-weight: 400;\">deemed to be let out<\/span><\/i><span style=\"font-weight: 400;\">\u2019 and you have to pay tax on notional rent. Even, a HUF can his own residential house property with no payment of tax. In addition to this, section 80c\u00a0 benefit can also be taken it can on \u00a0<\/span>Home Loan<span style=\"font-weight: 400;\">\u00a0so as to purchase a residential property up to a\u00a0 tax benefits up to Rs 1.5 lakh as per Section 80C of the Income Tax Act for loan repayment and up to Rs\u00a02 lakh for interest thereon as per section 24.<\/span><\/p>\n<ul>\n<li><b>Life Insurance<\/b><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Various tax benefits have been given to Individual persons taking into account all the pros and cons of their needs as per daily necessity. Similar benefits are applicable for a HUF. For Instance, HUF can pay <\/span><b>Life Insurance<\/b><span style=\"font-weight: 400;\">\u00a0premium (depending upon the issuance policy) for individual members, so accordingly they can claim Income tax benefits under Section 80C. The maximum amount that can be claimed as a deduction under this section is Rs 1.5 lakh.<\/span><\/p>\n<ul>\n<li><b>Investments<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Being a separate entity HUF, it can claim the fit of other Income Tax provisions\u00a0 also namely,<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">A HUF can make investments in Fixed Deposits (FD OF 5 YEARS OR MORE) and also in Equity Linked Savings Scheme (ELSS) to earn maximum tax benefits with a<a href=\"https:\/\/aktassociates.com\/blog\/gst-threshold-limit-registration\/\"> threshold limit<\/a> of up to Rs 1.5 lakh in Section 80C. It is important to note here that a <\/span>Public Provident Fund (PPF) account cannot be opened in the name of HUF<span style=\"font-weight: 400;\">, but tax deductions of the deposited amount by the HUF can be claimed in respective PPF accounts of the member of the HUF.<\/span><\/p>\n<ul>\n<li><b>Health Insurance<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">You can claim a deduction of Rs 25,000 per year on premiums paid for Health Insurance for your family under Section 80D. Here\u2019s where HUF can come to your rescue. Additional tax benefits of up to Rs 25,000\u00a0 can be claimed by the HUF on Health Insurance premiums paid during the year for a family. If the person is a senior citizen that is 60 years or more, then the tax benefit limit goes a maximum of up to Rs 50,000.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">As a law-abiding citizen, it is important to pay taxes regularly.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Meaning of HUF-Registration of HUF-Benefits of HUF, Procedure for HUF-Taxability of HUF-Coverage in HUF-Family Ascendant business\u00a0 -the advantage of huf-members &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Hindu\u00a0\u00a0Undivided Family (HUF) : Taxability and It&#8217;s Benefits\" class=\"read-more button\" href=\"https:\/\/aktassociates.com\/blog\/hindu-undivided-family-taxability-benefits\/#more-1822\">Read more<span class=\"screen-reader-text\">Hindu\u00a0\u00a0Undivided Family (HUF) : Taxability and It&#8217;s Benefits<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":1825,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[9],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Meaning of Hindu\u00a0\u00a0Undivided Family (HUF) and It&#039;s Benefits<\/title>\n<meta name=\"description\" content=\"HUF has its own advantage and benefits, especially On point of Taxability.HUF is made by the family as Ascendant business\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/aktassociates.com\/blog\/hindu-undivided-family-taxability-benefits\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta 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