huf income tax

I have an HUF account. How will my assets get distributed among my children after my demise?

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I have an HUF account. How will my assets get distributed among my children after my demise?

In my HUF account I have shares of market value of Rs 25 lakh, Rs 2 lakh in bank account and Rs 10 lakh as advances to a firm. I have 2 married sons and one married daughter. After my demise how the shares get transferred to my childrens’ account, and what about the other … Read more

Hindu and married? This lesser-known hack can lower your income tax liability, double your benefits

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Hindu and married? This lesser-known hack can lower your income tax liability, double your benefits

One can leverage the Hindu Undivided Family (HUF) to lower their tax burden.  A HUF functions as a separate entity for tax purposes, allowing the couple and the HUF to claim tax deductions and exemptions individually. This way, one can significantly reduce one’s overall tax liability. Let’s explore how this works further. A HUF is … Read more