12:22 AM
Procedure for Assessing HUF
HUF is the person and it is treated as a
separate Assesee. It is separate from members. Under HUF they take business and
use parental property. The member of HUF is become through birth.
Exception: from 2005, all sons and daughter (unmarried daughter) is become
the member of HUF. In 2005, one amendment came in Hindu Law that married
daughter and female is become the member of HUF and she can claim for parental
property. From 2016, married daughter also a member of HUF.
HUF member: 1) By birth sons and married daughter
2) Adopted but legally
(follow legal process), ( transfer of child from one parents to another
parents).
Member of HUF: 1) Birth is essential part under HUF.
2) Sons and wife
also a member of HUF
3) Legal adoption
of a Child
HUF only a single person where since birth
become a member.
Membership Criteria: Minimum two member should
be there for forming a HUF and there is no limit for maximum member. For
partnership minimum two and maximum 20 member should be there.
Rights of member under HUF: 1) Every member of HUF has right to seen any document.
2) Only Karta is responsible for
any kind of activity.
3) HUF having busing and using a parental property. Common
Property is in the name of Karta.
Selection Criteria for Karta: 1) most
senior male member of HUF will be the Karta.
2)
If Senior most male member is not able for Karta than we go
for Junior male member.
3) Suppose no male member is
available or he is not competent to
Contract than female member become
Karta(2005).
No comments
Post a Comment