08 April 2009
i want to create my own HUF file and its return filing. How i can do it? For applying the PAN i require proof so what proof i can submit? How a new HUF can open the bank account?
09 August 2024
Certainly! A Hindu Undivided Family (HUF) deed is a legal document used to create an HUF entity, which is a type of joint family business entity recognized under Indian law. The deed typically outlines the details of the family members, the properties involved, and the management structure of the HUF.
Here is a basic format for an HUF deed:
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**HINDU UNDIVIDED FAMILY (HUF) DEED**
**THIS DEED OF HINDU UNDIVIDED FAMILY (HUF) is made and executed on this [Date] day of [Month, Year] at [Place].**
**BY AND BETWEEN:**
1. **[Name of Karta]**, aged [Age], residing at [Address], hereinafter referred to as the "Karta" of the HUF.
2. **[Name of Coparcener 1]**, aged [Age], residing at [Address], hereinafter referred to as the "Coparcener."
3. **[Name of Coparcener 2]**, aged [Age], residing at [Address], hereinafter referred to as the "Coparcener."
(Continue to list all coparceners)
**WHEREAS:**
1. The parties mentioned above are members of a Hindu Undivided Family and have agreed to constitute an HUF under the Hindu Law for the purpose of managing their ancestral properties and conducting business.
2. The HUF shall be managed by the Karta for and on behalf of the HUF and its members.
**NOW THIS DEED WITNESSETH AS FOLLOWS:**
1. **Formation of HUF:** - The Karta and the coparceners hereby form and constitute an HUF under Hindu Law with the name [Name of HUF] having its principal place of business at [Address].
2. **Capital and Assets:** - The initial capital of the HUF is [Amount in Words] ([Amount in Figures]), which has been contributed by the Karta and other coparceners. The HUF shall hold and manage the following assets: - [List of Assets, e.g., property, cash, investments]
3. **Management:** - The Karta, [Name], shall be the manager of the HUF and shall have the authority to manage the affairs of the HUF, including the acquisition, management, and disposal of assets.
4. **Powers and Duties of Karta:** - The Karta shall have the power to manage the assets, conduct business, make investments, and take all decisions related to the HUF. - The Karta shall act in the best interest of the HUF and its members and shall keep proper accounts and records.
5. **Distribution of Income and Assets:** - The income and assets of the HUF shall be distributed among the members as per their respective shares as determined by the Karta. - Any income or profit earned by the HUF shall be divided among the members in accordance with the Hindu Law and the family agreement.
6. **Accounts and Records:** - The Karta shall maintain proper books of accounts and records of the HUF’s transactions and shall provide a copy of the accounts to the members annually.
7. **Amendment:** - Any amendment to this deed shall be made in writing and signed by all the members of the HUF.
8. **Dispute Resolution:** - Any disputes arising out of or in connection with this deed shall be resolved amicably or through arbitration as per the laws of India.
**IN WITNESS WHEREOF**, the parties hereto have set their hands and seals to this Deed on the day and year first above written.
**SIGNED AND DELIVERED BY:**
1. **[Name of Karta]** - Signature: __________________ - Address: [Address]
**Note:** This format is a basic template and should be tailored to fit the specific circumstances of the family and their assets. It is advisable to consult a legal professional to ensure that the deed complies with applicable laws and meets all legal requirements.
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