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Nithin Kamath, Zerodha CEO, has come up with a tax-saving plan for such people who are married and are Hindu. In a post on X, he detailed his plan.
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Here is the post:
A friend was asking me about taxation for Hindu Undivided Families (HUF).
If you're married and a Hindu, you can use a HUF to plan and save your taxes. HUF is treated as a separate entity, so all these deductions will apply separately to HUF along with the individual deductions.
So, transferring any property yielding rental income to the HUF, opening a Demat account in the HUF name, transferring money to the HUF bank account, accepting gifts, etc.
The @Quicko_official team had published a video and a blog explaining how you can use a HUF for planning and saving taxes if you are married.
A friend was asking me about taxation for Hindu Undivided Families (HUF).
If you're married and a Hindu, you can use a HUF to plan and save your taxes. HUF is treated as a separate entity, so all these deductions will apply separately to HUF along with the individual…
— Nithin Kamath (@Nithin0dha)
A friend was asking me about taxation for Hindu Undivided Families (HUF).
If you're married and a Hindu, you can use a HUF to plan and save your taxes. HUF is treated as a separate entity, so all these deductions will apply separately to HUF along with the individual…— Nithin Kamath (@Nithin0dha) March 27, 2024
">March 27, 2024
The post received a flood of replies. One of the replies was rather interesting:
I have always suggested that any Hindu who marries, should create an HUF on the very same day. It is a common misimpression that a person needs to be blessed with a son to be able to form an HUF. Moreover, people following the religion of Sikhism, Jainism and Buddhism are also…
— KBS Sidhu, ex-IAS 🇮🇳 (@kbssidhu1961) March 27, 2024
">March 27, 2024
It said, “I have always suggested that any Hindu who marries, should create an HUF on the very same day. It is a common misimpression that a person needs to be blessed with a son to be able to form an HUF. Moreover, people following the religion of Sikhism, Jainism and Buddhism are also eligible for the benefit of HUF.”
