I’m a part of my father’s HUF. Can I’ve yet one more HUF consisting of me, my spouse and my daughter? Can I turn into Karta of each the HUF on the similar time?
As pre the Hindu legal guidelines an HUF can consist of 4 generations consisting of descendent of 1 frequent male ancestor. So multiple generations will be a part of the identical HUF on the similar time. Within a bigger HUF there will be many smaller HUFs additionally consisting of household of the coparceners. So an individual could be a member of multiple HUF on the similar time. For instance, he could be a member of his personal HUF, HUF of his father, HUF of his grandfather and HUF of his nice grandfather on the similar time.
So whereas being a member of your father’s HUF, you can even have your individual HUF consisting of your self, your spouse and your youngsters together with a lady youngster. Since multiple coparcener are obligatory for constituting an HUF for revenue tax functions and since daughter are additionally handled as coparcener after the modification of Hindu Succession Act in 2015, your loved ones consisting of you, your spouse and the daughter will represent an HUF distinct and totally different out of your father’s HUF.
There isn’t any restriction on one individual changing into Karta of multiple HUF. Since solely a coparcener can turn into Karta of an HUF and since you’re a coparcener of each the HUF, you’ll be able to turn into and stay Karta of each the HUF on the similar time.
Balwant Jain is a tax and funding skilled and will be reached at [email protected]
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