It's time to file income tax returns

Here's a tip that can help you save taxes

You can save taxes with the concept of HUF

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) 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 🌏 (@kbssidhu1961) 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.”