What is HUF? As the name suggests it’s an Hindu ...

What is HUF? As the name suggests it’s an Hindu Undivided Family. It’s a separate entity recognised like Individual, Companies etc. Who all covered under HUF? Hindu’s, Buddhist, Jains and Sikh’s. It means only these people can form HUF. How HUF will be formed ? As per Hindu Law, the day male member gets married his HUF comes into existence. But, as per Income Tax Act, HUF comes into existence when child is born in the family. Child now includes both boy as well as girl. Co-parceners means 1 male member who will be Karta of HUF and other will be his child. Wife can’t treat as co-parcener, she will be treated as member of HUF. There are dispute’s and several opinions about this specific clause of formation.