Sage-Tips

What documents are required for HUF?

Account Opening Documents (HUF)

• Bank account should be in the name of HUF.
• Photograph of Karta.
• Proof of identity (same as stated for Individuals)
• Proof of address of the Karta (same as stated for Individuals)
• Pan number in HUF’s name.
• Proof of Bank Account: Any one of the following may be submitted.

How do I start a HUF?

How to create HUF

1. Step 1: Create HUF Deed. The 1st Step in creating a HUF is to create the HUF Deed.
2. Step 2: Apply for HUF PAN Card. As a HUF is treated as a separate entity different from its members, a HUF is required to apply for a separate PAN Card.
3. Step 3: Open HUF Bank Account.

What legal formalities were involved in the creation of HUF?

Legal formalities involved while forming a HUF: Form corpus – A capital asset can be used to form the HUF. It can be any ancestral property, assets received as a gift from relatives or through a will. Register a deed – A deed is required on stamp paper declaring the formation of the HUF.

Is Aadhaar card mandatory for HUF?

Aadhar cards are given to individual persons. They are not applicable to entities like companies, proprietorships, HUF s etc. Note that if needed, Karta’s Aadhar Number has to be attached with the HUF account. It is a part of the KYC process.

Is notary compulsory for HUF deed?

HUF deed can be notarized. It is not required to be attested by Magistrate. HUF deed can be on Rs. 100 stamp paper.

When can HUF be created?

One person cannot form HUF, it can only be formed by a family. A HUF is automatically created at the time of marriage. HUF consists of a common ancestor and all of his lineal descendants, including their wives and unmarried daughters. Hindus, Buddhists, Jains and Sikhs can form HUFs.

Does HUF deed need to be notarized?

How do I get an affidavit for HUF PAN?

For HUF, an affidavit made by the Karta of Hindu Undivided Family stating name, father’s name and address of all the coparceners on the date of application and copy of any of the above documents in the name of Karta of HUF is required is required as proof of identity, address and date of birth. 2.