Huf Deed Format – Word Format, PDF Format
Huf Deed Format, Hindu Undivided Family (‘HUF’) is treated as per Income Tax Rule a ‘person’ under section 2(31) of the Income-tax Act, 1961.
Huf Deed Format
Name of HUF:- Name of HUF is NAME SURNAME
Address of HUF:- Address of HUF is FULL ADDRESS WITH PIN CODE the address of “Karta” and always shall be the address of “Karta” in case of any change of address of “Karta”
Date of Creation of HUF:- Date of creation of HUF is DATE OF CREATION and shall be effective till the partition.
Member of HUF:- Member of HUF shall be the following person.
- NAME SURNAME ONE
- NAME SURNAME TWO
- NAME SURNAME THREE
- NAME SURNAME FOUR
Co Parcener of HUF:-
MRS. WIFE NAME
Applicable of law:- In this HUF Hindu Succession Act & Income Tax Act & any other activities according to the constitution of India shall be applicable.
School of HUF:- School of HUF shall be “Mitakshara School of Hindu law “
Right of Co Parcener:- 1) Co-Parcener shall be the member of HUF and will acquire by birth an interest in the joint property of the family, whether inherited or acquired by the family. The members of the family who are not co-parceners have no right to claim partition.
2) At the time of partition, a mother or widow of the Karta will take a share equal to the sons. And after 09.09.2005 after amendment in the Hindu Succession Act, the daughter of a coparcener shall by birth be a coparcener in the same manner as sons.
3) Co-parcenary is restricted to four degrees from the living holder.
4) Other rights shall be as per Hindu Succession Act & As per Income Tax Act from time to time.
Tax Effect When a self-acquired property is converted to joint family property:-
- When any member of HUF converts, his separate property as the property of HUF, or throws the property into the common stock of the family, or otherwise transfer his individual property to the family, otherwise than for adequate consideration, then the income from such property shall continue to be included in the total income of the individual as per Income Tax Act and in future, if any changes occur in Income Tax Act relating to this clause can be modified according to the amendment in Income tax to the best interest of HUF & his members.
- In the case of subsequent partition whether partial or total amongst the member of the family, the income derived from such, converted property as is received by the spouse, on partition shall be deemed to arise to the spouse from asset transferred indirectly by the individual to the spouse and the income from the portion, received by the spouse shall be, shall be clubbed in the hand of the transferor as per Income Tax Act and in future, if any changes occur in Income Tax Act relating to this clause can be modified according to the amendment in Income tax to the best interest of HUF & his members.
Partition of HUF
- This HUF can be partitioned both as regards to the persons and as regards to the property and it can be either total or complete partition or partial partition. And this will comply with Income Tax Act and in the future, if any changes occur in Income Tax Act relating to this clause can be modified according to the amendment in Income tax to the best interest of HUF & his members.
- Where all the properties of the family are divided amongst all the constituents of the family, and the family ceases to exist as an undivided family, it will be total or complete partition.
- On the other hand, if some of the constituents of the HUF go out of the fold, others remaining joint, or some of the properties as divided and balance remain joint, then it will be partial partition.
- The partition can only be claimed by a coparcener, but at the time of partition following person can claim their share in HUF.
- All coparceners
- Mother is entitled to a share equal to the share of a son in case of death of the father.
- The wife gets a share equal to that of a son if a partition takes a place between her husband & his son.
- A son in the womb of the mother at the time of partition.