HUF Formation & Pension Planning

HUF Formation

HUF means Hindu Undivided Family. You can save taxes by creating a family unit and pooling in assets to form a HUF. HUF is taxed separately from its members. A Hindu family members can come together and form a HUF. Buddhists, Jains, and Sikhs can also form a HUF. HUF has its own PAN and files tax returns independent of its members.

A HUF is taxed separately from its members, therefore, deductions (such as under Section 80) or exemptions allowed under the tax laws can be claimed by it separately. For example, if you and your spouse along with your 2 children decide to create a HUF, all 4 of you as well as the HUF can claim a deduction for Section 80C. HUF is usually used by families as a means to build assets.

Pension Planning

Pensions can often be large sums of money that you may need to rely on for the rest of your lifetime, and so you will want to have the confidence in finding the right products for you.

At Redwood, we put your needs first. We will provide you with a bespoke personalised plan and recommendations based on your circumstances, needs, goals, and plans for later life.