What is HUF Full Form?
- Hindu Undivided Family
What is Hindu Undivided Family?
The full form of Huf is “Hindu Undivided Family” and it is used by the business community. Or it is called a joint family all descended from a common ancestor.
It consists of groups of the same family, its culture goes ahead to make such a business. Which are taxed and operated differently.
Through HUF all the members of the family become all. And the head of the same family (“father”, or “senior member”) acts as the Karta of the HUF. Who manages the property belonging to the joint family.
It clearly means that no single person can constitute it. It is necessary to have at least two members to make it.
Many people create a pan card in the name of Hindu Undivided Family because income in Hindu Undivided Family name is treated as individual income.
As well as people make a PAN card in the name of Hindu Undivided Family, the income in the name of Hindu Undivided Family is also treated as personal income.