Frequently Asked Questions
What is an HUF Affidavit?
HUF Affidavit is a Legal Document that declares the existence of a HUF and the identity of its members. This is basically required when a HUF wants to open an account or apply for a loan.
Is Notary required for HUF Deed?
HUF Deed should be prepared on a Stamp paper with appropriate value which depends on the State in which the HUF affidavit is being formed. Also getting HUF deed Notarized is not mandatory but it will strengthen the legal position of Gift Deed.
What is the eligibility criteria for HUF?
A Single person can not form a HUF, It can only be formed by the Family. It can be created after the marriage and it can includes the husband, wife and their kids.
Who is the owner of HUF Property?
All the members of HUF have joint ownership of the property. It means the property doesn’t belong to any specific member but it belongs to the whole family as a whole.
Can I transfer money from HUF to individual account?
Yes, one can transfer the amount of their share to any individual amount.