Question

Create a story for explaining a HUF(Hindu Undivided Family ). write the characteristice of it​

Answer 1

Explanation:

Features of a HUF

Formation:

• To begin a Hindu Undivided Family there must be a minimum of two related family members. ...

Liability:

• The liability of all the various co-parceners is only up to their share of the property or business. ...

Control:

• The entire control of the entity lies with the Karta.

Answer 2

• Answer:
• One person cannot form HUF, it can only be formed by a family.
• A HUF is automatically created at the time of marriage.
• HUF consists of a common ancestor and all of his lineal descendants, including their wives and unmarried daughters.
• Hindus, Buddhists, Jains and Sikhs can form HUFs.
• HUF usually has assets which come as a gift, a will, or ancestral property, or property acquired from the sale of joint family property or property contributed to the common pool by members of HUF.
• Once a HUF is formed it must be formally registered in its name. A HUF should have a legal deed. The deed shall contain details of HUF members and the business of the HUF. A PAN number and a bank account should be opened in the name of the HUF