HUF
HUF is a separate legal status recognized in Income tax Act, which recognize it as a separate taxable entity. In past when most of businesses were controlled by family and passed generation to generation, HUF was the legal vehicle to carry it to next generation. As the businesses were not under ownership of a single member but the family as a whole used to own it.
* The prices may increase or decrease according to turnover.
Any Indian Hindu male with another member of family can form an HUF to either run his own HUF or to carry on Proceeds of divided HUF from his father or forefathers.
Generally the eldest of family known as Karta manages the HUF
Male members of an HUF are coparcener, recently even daughters are also equaled as coparceners however wives of son are member and can’t demand dissolution. So Coparceners are special members of HUF who can demand partition. However only Member can’t demand partition.
Male members of an HUF are coparcener, recently even daughters are also equaled as coparceners however wives of son are member and can’t demand dissolution. So Coparceners are special members of HUF who can demand partition. However only Member can’t demand partition.
Yes like individual HUF can have Deductions under Section 80C.