How to plan your finances with Hindu Undivided Family (HUF)

In this video, Vishvajit Sonagara, founder of @Quicko, explains everything about the Hindu Undivided Family (HUF). He covers the concept of HUF, its structure, and how you can save on taxes by setting up an HUF in India.

Chapters:

0:00 - Introduction
1:21 - What is an HUF?
2:17 - Structure of HUF
6:18 - Tax implications on HUF
7:50 - How to use HUF to save taxes?
11:34 - Conclusion

#huf #hinduundividedfamily #taxplanning #taxation

[techievena]

Great content! Can Zerodha please put up some content about how to start a business? Getting the company incorporated, GST and all that stuff. Will be really helpful to a lot of budding entrepreneurs who are scrambling for content right now.

[vipulsrivastava]

One key bit you mentioned- Contribute to the capital of the HUF? Now how will the members or Karta contribute to the capital of the HUF meaning is it a loan? is it a gift? Also under what head will the capital so contributed be shown by HUF when it's returns are filed. Also it would be very helpful if you could mention the sections of IT Act.

[pruthvika.v]

Thanks for the crisp video, plz can you make a video on HUF trading account, is it considered as corporate account or an individual account and its chrages and taxes.

[dtsmilecare]

Amazingly explained in the most simplest way possible. Could you please put up a similar video on partnership firm.
Thank you

[chiragks]

Tw questions on using HUF money
1. Can HUF money be used by Karta, Coparner and members for international travel like international flight tickets. If Yes then how do we declare and/or claim for exemptions in tax as where the amount has been used?
2. Also can HUF money be used by child/member toward education pursued outside India(e.g. USA)? If Yes then how do we declare and/or claim for exemptions in tax as where the amount has been used?

[RajaSumanReddy]

What are the tax efficient ways to infuse capital into HUF?

[sathyanarayanagupta]

Very good speech against huf sir by gst and income tax auditor, Nellore, AP

[vishnukantvishnukant]

Thanks a lot
Kindly make part-2 for a scenario if both children are daughters and explain upto 4th Generation if applicable.
Regards

[mukeshjain]

Please make vedio about utilisations of HUF income and about closer of HUF with I Tax implications. Regards

[rahulsarkar]

Thanks a lots for everything sir ji....

[yoganshunmugavel]

Thank You for this helpful video. Is it possible to have property in individual name but declare the rental in HUF

[dr.kamleshsharma]

Plz explain how HUF can be formed in a family of mother and her two kids . Also, is the spouses of son and daughter have any share in the HUF property ? Plz explain

[ajayrawat]

First of all Thank you for such crisp explanation
My query is how HUF is beneficial for Trader falling under 30% Tax bracket, Family comprises of Husband, Wife and Minor Kid

Thank You

[mynkmitl]

Scenario 3 explained in managing finances needs correction as what am told by different CA firm's, if I(Karta) pools my salary income to HUF which generates interest on it. That interest income will be taxed under my name not HUF under clubbing provisions. Several notices have been sent by IT for this mistake as HUF are always on radar of ITO. Please confirm or correct.

[bhaskarsuman]

What happens when huf is dissolved...the property is divided equally so do the tax on the property??

[techsaumil]

Can you please explain the process on How to apply for HUF?

[unkahe_lafz]

Plz make a video on gifts to and from huf

[kunal]

Superb video. Just one question - what is the way to build capital in huf. One of the example given is transferring salary to huf, is this loan or gift? Can clubbing provisions be applied on transfer and consequent income earned on such amount.

[royalphoenix]

Can anyone explain scenario 3, where we pool our income and transfer to huf! Do the gifter get tax benefits on the amount gifted?

[PanchananMohanty-fnsl]

A nice video on HUF indeed with clarity. However I would like to know if my son's wife can be considered as a member of the HUF from the beginning itself ?