Hindu Undivided Family has key importance in Indian income tax planning. Primarily the question is ; What do you mean by HUF deed ? / What is HUF registration Deed? / What is HUF registration Process ?
Most of the tax payer not having much understanding of this topic. Few professional may have confusion in many key aspects of this topic.
Let’s start….
Basic concept of HUF on Advantages and disadvantages is already discussed on 02.04.2024 blog. Read Now
Primary question is how to prepare HUF Deed?, All the member of HUF are must be belong to same family and having direct blood relations. All the member must submit their Pan Card and Aadhaar Card for preparation of HUF Deed. Along with this basic KYC documents you need to give bank cheques for Gift amount and KYC documents of that Donor who is not direct related to Family.
After gathering this basic documents you simply contact your Chartered Accountants/ Advocates / Consultant to draft and prepare HUF Deed which is executed on stamp paper of Rs.300 (Current applicable stamp rate for 2024). HUF deed needs to be signed by all the member and donor.
After Successful execution of HUF Deed you have to apply for Pan Card.
After getting your Pan Card you will easily open up your Bank accounts.
HUF deed must contain name of HUF like wise: ABC (First name) XYZ( middle name) 123 (Surname) than HUF name will be ABC XYZ 123 HUF.
Same name will be on your Pan card and bank account.
The registered address for HUF is same as the address of the Karta of HUF. Karta is simply head of the family and the most senior member of Family. Deed also mentioned the name of the Karta and its member very clearly.
Karta signs this deed in a capacity of Karta and Member sign deed in capacity of Member.
Format of HUF Deed format is as below:-
Download and use as per your Deed ready along with attach all KYC documents of self signed copy of Karta, member and Donor.
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