Shreyaa Kapoor Instagram – Getting married anytime soon? Well even if you aren’t – this tax saving hack can help! 🫶🏼
Consider forming an HUF to save on taxes!💯
Hindu undivided family is taxed separately from its members. Buddhists, Jains, and Sikhs can also form an HUF. HUF has its own PAN and files tax returns independently of its members.🙌🏼
An HUF is taxed separately. Therefore, it can claim deductions or exemptions allowed under the tax laws separately. For example, if you and your spouse, along with your 2 children decide to create an HUF, all 4 of you as well as the HUF can claim a deduction under Section 80C.🫡
The family members who have formed a HUF can take advantage of their own income tax benefits as well as HUF income tax exemption of up to Rs. 2.5 lakhs.🪴
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[HUF, wedding, wedding tips, tax tips, taxation, personal finance, finance tips] | Posted on 21/Aug/2024 19:00:31
