HUF Formation

Need to register HUF?

HUF Registration Starting at Just Rs.2,499/- (Inclusive of all Govt. Fees).

About HUF Formation

HUF stands for Hindu Undivided Family wherein the Income that is being earned belongs to the whole family and not to any specific individual. As the Income is being generated in the hands of the whole family, this income cannot be taxed in the hands of the family but is taxed in the hands of the HUF. And, therefore HUF is considered as a separate entity for the purpose of Income Tax Act and the HUF has a separate PAN Card and a separate income tax return is filed for the same.

A HUF automatically comes into existence when a person gets married and starts his family. It is not necessary that this new family should also have kids. When a person gets married, he is eligible to form a HUF. Although a HUF is automatically formed at the time of marriage, it is always advisable to have a written agreement as the Banks and Income Tax Dept ask for the HUF Deed. It is not necessary that HUF is created on the day of marriage itself and can be created at any point of time in future.

HUF Formation PROCESS

HUF Deed Drafting

The 1st Step in creating a HUF is to create the HUF Deed. The HUF Deed is a written formal document on a Stamp Paper stating the names of the Karta and the Co-parceners (Members) of the HUF. The eldest male member of the HUF becomes the Karta of the HUF.

Obtain HUF PAN Card

As HUF is treated as a separate entity it is required to apply for a separate PAN Card.Once the PAN Card has been allotted, the HUF would be required to file separate Income Tax Returns and can therefore claim benefit of various income tax slab .

Open HUF Bank Account

A HUF is also required to open a Bank Account in which it will receive all payments. A HUF Account can be opened in any bank account.

Success is doing ordinary things extraordinarily well.

HUF Accounts – Features

As per the laws, HUFs can have an account in their name, which is simply a corpus created to run the expenses of the family. The corpus in the account comes from unequal contributions from the family members, as set by the Karta of the family.

The Karta or the Head of the Family runs the account and his signature would be required for any transaction happening on the account. The accounts are opened under the name of HUF; however, they are similar in nature to that of a saving bank account. Having an HUF account brings several tax benefits for the account holders.

Benefits of HUF

  • One of the main advantages of an HUF is that the family gets the benefit of having an extra PAN number and thus can avail extra tax benefits. This is why most of the chartered accountants advise their clients to open an HUF account.
  • HUF accounts enjoy tax rebates under sections 80C, 80L and 88 of Income Tax
  • HUF account is also beneficial in terms of saving taxes on gifts.
  • The corpus that is generated in HUF account can further be used for investing in tax saving instruments.


Disadvantages of HUF

  • If the insecurities arising in the minds of families members results to corpus account being empty, the account may become inactive
  • If at any point in time, any of the members wants to part ways from HUF account, the process involved in separation and distribution of corpus is quite tedious and problematic.
  • If an HUF adopts a child in the family, he/she can be a member or contributor of the account, however, he/she can’t ask for partition of the HUF account
  • The assets of an HUF are a collective asset and none of the family members can claim it to be his/her own asset.
Basic
2,499
/-

(Inclusive of all Govt. Fees).

HUF DEED
PAN


Get Started

Standard
3,499
/-

(Inclusive of all Govt. Fees).

HUF DEED
PAN
1 Year ITR Filing

Get Started

Premium
5,999
/-

(Inclusive of all Govt. Fees).

HUF DEED
PAN
1 Year ITR Filing
1 Year Accounting

Get Started

Business

Doing Business Is Easy & Fast.


Transparency

Our Consultants maintain transparency while guiding you. No hidden charges, no fake promises. The Entire process is transparent

Lightning Fast Procedure

Not meeting the deadline is one of the biggest turn-offs for any business owner. We are very serious about delivering on time.

Guaranteed Satisfaction

Your satisfaction is our goal, we provide a 100% satisfaction guarantee for the work with you to ensure you quality of work.

Expertise

Our team has thorough expertise in respective service areas.

Fair Business Practices

We ensure highest importance to ethical business practices.

No Hidden Fee

We have a fair and transparent pricing structure. We do not have hidden fees associated with any of our services.

One Stop Solution

Businessgig provides all the services required for launching a successful startup. We provide legal, financial, design and branding services.


Free Expert Consultation

Businessgig provides you free Consultation about Business Incorporation, Taxation, Finance, Graphics and Digital needs. etc


Backed by Experience

Businessgig is an initiative of Expert Engineers and Professional Charterered Accountants having an experience of over 7 years.


Real Time Assistance

You can reach us anytime and anywhere in the go. You can Text, Whatsapp, Email, Call or Skype us for your requirements.


Leading Brand

We are one of the leading brands in Accounting, Statutory Compliances ,Designing and Marketing.


Long Term Hand holding

We have capability to advise and serve you, even you when you grow big and expand


You simply won’t find another vendor that can match our value proposition. Our customers often tell us the same thing. We make every effort to provide our customers with great products and services, and we work just as hard to make sure they are getting the right business model that fits their needs. We promise the same to you.

Integrity

When we face a tough decision we never compromise our values and principles. We do what is right, not what is the easiest.


Passion

We are passionate and committed in heart and mind to what we do. Our employees work around the clock coming up with ideas.

Flexibility

We believe that flexibility leads to excellence and we tailor all our services to the specific needs of each client.


Quality

We strive for excellence in all that we do. We set high personal and company standards, and then consistently try to exceed them. We attract self-motivated, highly capable, results-oriented people and invest heavily in their development.

Openness & Honesty

We believe that open communication builds trust, which is the foundation of any relationship whether it’s with our employees or our clients.


Teamwork

Our power comes from the talented people within our company. We create an environment in which every person is a valued and respected member, encouraged to contribute and share, and recognized and rewarded for their efforts.

Extra Ordinary Customer Support

We place highest importance to providing extra ordinary customer Support.

When it comes to the numbers, you might get a million query in your head. Do not worry! Our dedicated support team loves to assist you with anything. Just give us a buzz and we would happy to answer all of your queries..

We know how expensive finance experts and designers can be. Businessgig provides best of the both at an unimaginably low price. We harness the power of technology and have pushed a lot of our work to digitization. This saves us a lot of time and we happily pass on the benefit to our customers.

A Pricing structure designed for your every need. Our business package will free you from charges for every service. We provide best in class services at reasonable charges through latest technology, experience and expertise. .

We understand how important your business information is. We have systems in place to ensure confidentiality of your data. We do not even reveal your name unless you want us to. To know more, please check our NDA and Privacy policy.We take Client confidentiality seriously. We never disclose client information or use our Client’s brand name for our marketing without your prior permission.

About Us

Alone we can do so little, together we can make wonders. So lets team up and grow together. You would have heard the phrase ‘Making mountains out of molehills’; but here we do what we do best-making molehills out of mountains.

We enjoy the reputation of being synonymous with professionalism, efficiency, and excellent service. We provide full spectrum of financial, accounting, designing, marketing services as well as investment consultancy, project evaluation and services related to all types of business and corporate agreements. We specialize in providing end to end support to startups – be they proprietorship’s, partnership’s, LLP’s, or Private Limited Enterprises. Our knowledge of the Indian ecosystem makes us perfectly placed to provide end-to-end assistance with company formation in India as well as company registration in India.

I have used multiple offline & online CAs/ Lawyers. Businessgig clearly provides the best and fastest service.

Andrew Jackson

Project Manager

92%

Client Retention

1200+

Satisfied Clients

60+

Cities we operate

150+

Services under one Roof

Subscribe

Enter your email address to subscribe and receive notifications by email.


We hereby promise to be responsible emailers.

Want to work with us?

We would love to get connected with you

Get in Touch or Get a Free Quote