Karorimal is renowned businessman for making the Khakhra—ready to eat. The business was started in 1962 and same is being run by family members only, since last many decades. At present, Karorimal has 5 sons and all are

Following are the key highlights of Hindu undivided Family (HUF)- Under the Income Tax Act, an HUF is a separate entity for the purpose of income tax return. The same tax slabs are applicable to HUF as to individual assessees. One cannot transfer your own assets/money into HUF. If one has ancestral property and earning some income from this property, then it is better to transfer this asset to HUF and save tax up to exemption limit applicable to individual. One can transfer the money received on sale of ancestral property assets into your HUF. The income from property of HUF can be further invested in instruments such as shares, mutual funds, etc. and will be assessed under HUF. The Existence of property or multiple members is not a prerequisite to create HUF. A family which does not own any property may still have the character of Hindu Undivided Family. This jointness is understood in terms of faith and food. This is because a Hindu is born as a member of the joint family. Karta: The senior-most male member is the Karta, responsible for managing the HUF. Coparceners: Include male and female members who can demand partition. Female members became eligible as coparceners after the 2005 amendment to the Hindu Succession Act. Members: Other family members who are not coparceners but have rights to maintenance and a share in HUF property Any gifts received by the members of HUF (birthday, marriage, etc.) can be treated as assets of HUF. The HUF is taxable as a separate person under income tax hence one can save tax from basic exemption of ₹ 2.5 lakh. HUF will also gain from the tax slab structure of computing income tax. Apart from the basic exemption of ₹ 2.50 lakh, section 80C deduction up to ₹ 1.50 lakh is also available.