Dr Govinddas Akbari

Every Hindu living in the UK, irrespective of whether he holds an Indian, British, US or any other passport and regardless of whether or not he was born in India, is entitled to considerable tax savings through HUF HUF: A separate legal entity under Indian tax law Majority of the population in India belongs to the Hindu community. Hinduism, being an ancient religion has several old customs and traditions as well as rituals which are being followed by its members…

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Differences between Partnership and HUF Business The main points of differences between a partnership and HUF business are as follows. 1. Basis of formation A partnership arises out of a contract between partners. Whereas an HUF arises by the operation of Hindu Law. It is created by status or birth in the family, no agreement is needed for it.   2. Regulating law A partnership is governed by the provisions of the Indian Partnership Act, 1932. An HUF business is governed by Hindu Law…

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