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Huf file related
I have heard that an HUF file can only be opened once/if one has a boy child is that true and if not what are sources from which income can be shown/earned in an huf file?
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HUF is an entity as a family, which consists of male lineally descended from a common ancestor. The members of the family would also include their spouses and unmarried daughters.
Schools of Law
A HUF can be formed under two schools of law, which is known as Dayabhaga and Mitaakshara. Let’s examine them in detail:
Dayabhaga
The Dayabhaga School of law entitles the son/daughter to acquire the right in the family property after the demise of the father. This school of law is fervently practised in the states of West Bengal and Assam.
Mitaakshara
In stark contrast to what has been described above, the son acquires a right in the family property with the effect of his birth. This school of law is practised throughout India.
Schools of Law
A HUF can be formed under two schools of law, which is known as Dayabhaga and Mitaakshara. Let’s examine them in detail:
Dayabhaga
The Dayabhaga School of law entitles the son/daughter to acquire the right in the family property after the demise of the father. This school of law is fervently practised in the states of West Bengal and Assam.
Mitaakshara
In stark contrast to what has been described above, the son acquires a right in the family property with the effect of his birth. This school of law is practised throughout India.
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