What is a HUF?
HUF means Hindu Undivided Family. You can save taxes by creating a family unit and pooling in assets to form a HUF. HUF is taxed separately from its members. A Hindu family can come together and form a HUF. Buddhists, Jains, and Sikhs can also form a HUF. HUF has its own PAN and files tax returns independent of its members.
Documents required for HUF Account:
- PAN for Identity
- Bank Statement for Address as well as Bank Account details
- PAN , Photograph and Aadhar ( or any other address document) of KARTA
- Photograph of all the Coparcener
- other relevant documents substantiating ownership of Asset.