That as on today, name of coparceners including name of Karta our above said HUF, their father name and their addresses are as under :- S. Verification I, Mool Chand Sharma son of Late Shri Brahm Dev Sharma, hereby verify that as per my best knowledge above mentioned contents of this affidavit are true and correct and nothing was hidden there from. Learn more about Scribd Membership Home. Much more than documents. Discover everything Scribd has to offer, including books and audiobooks from major publishers.
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It establishes the HUF as a financial entity that can open bank accounts, buy property and make investments, among other things.
An HUF is a separate entity, like a company or partnership. It can, therefore, apply for a PAN card all by itself. Without a PAN card, it would not be able to do any of what an HUF is set up to do, which is to enter into financial transactions. Source of income to the corpus; 4. Signature of the Karta on the completed Form 49A. If the documents are in order, the PAN card would arrive around 21 days after submission.
You can check its status here. Ask Free Legal advice. The name of the HUF; 2. Photograph of the Karta; 3. Proof of address and identity of the Karta; 4. The list of coparceners and members; 6. A declaration by the Karta as to which members and coparceners are authorised to operate the bank account; 7. Any further details as demanded by the bank, at the time of the opening of the account;. The bank account will be in the name of HUF and the Karta, and only those authorised by the Karta may operate it.
An HUF bank account is a current account, which would attract higher charges from the bank. Creating a Corpus: It must be set up first by forming a corpus. Any assets transferred to a will or ancestral property or any gifts from a relative can be used to create a corpus.
Once you have established the corpus, the deed for HUF can be created. Stamping the Deed: A deed is a stamp paper document, with the name of the Karta, coparceners, and members. The deed also should include the address, bank details and the source of income from where the corpus will be funded. A declaration by the Karta of all coparceners and members authorised to perform financial transactions is to be attached to the deed. An HUF can be created by a joint family of, say, for instance, a father and two sons, all married and doing business together.
Anyone by birth is included in the family. A husband and wife can also form an HUF for tax benefits and to share the income earned from collective and ancestral properties. The eldest male member becomes the Karta or the head and has the authority to operate the accounts and other assets details under the HUF.
The members of the family that can be included in an HUF are: a. Sons and daughters Married and unmarried b. Husbands and wives c. Grandsons and great-grandsons. Both sons and daughters are termed coparceners according to Hindu Succession Act, all daughters are now also classified as coparceners and have the right to become the next Karta, in the event of the death of the present one. Anyone by birth or marriage will become a member of the HUF.
However, only coparceners can succeed the Karta. Members do not have this privilege. An HUF, as it is a separate entity, is taxed separately from its members and coparceners. Thus, the deductions and exemptions under Section 80 can be claimed by the HUF as well, thereby lowering individual tax liability.
Similarly, rebates can be sought on loans taken, rent paid and other expenses. This is why chartered accountants generally advise all Hindu married couples to form an HUF. All rights reserved. Copyright Registration Shield Your Trademark. Latest News. LOG IN. Log into your account. Recover your password. Back to blog Share.
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Huf Pan Card Affidavit
PAN Card for Hindu Undivided Families (HUFs)
HUF is a family with husband, wife and children. If children and their spouses are living together, then it applies to them as well. Under HUF, the female members are also given the right of share to the property, which has been left behind. This makes them equal heirs. Coparceners are members of the family who acquires by birth an interest in the joint property of the family and coparcenary is restricted to four levels of living order. Only coparceners has the right to ask for partition.