HUF CREATION DEED AND DECLARATION
(A declaration of a Hindu Undivided Family, naming its Karta, its Members and its opening funds, for a PAN and a bank account in its name)
THE KARTA
__________, __________ __________, residing at __________
(the "Karta"), acting for the HUF and, with their agreement, for the Members named in the Schedule at the end of this Deed (the "Members")
DECLARATIONS
1. The family and the HUF
1.2 The Karta and the Members declare the Hindu Undivided Family known as __________ (the "HUF"), and record in this Deed its Karta, its Members and its opening funds, so that the HUF can apply for a PAN and open a bank account in its own name.
2. The Karta
2.1 The Members accept the Karta as the manager of the HUF. The Karta may act for the HUF in its dealings with the tax authorities and with banks, apply for a PAN in the name of the HUF, open and run a bank account in the name of the HUF, and sign the forms and declarations that those dealings need.
2.2 If the Karta dies or can no longer act, the adult Members will choose a new Karta in writing and tell the bank and the other offices concerned.
3. The Members
3.1 The Members are the persons named in the Schedule, with their relationship to the Karta and their ages. Each adult Member signs this Deed and agrees to it.
3.2 The Karta will keep the list of Members correct, and will record any change in a note signed by the Karta and kept with this Deed.
4. Opening funds
4.3 The opening funds, and everything later added to the HUF or earned from its property, belong to the HUF and are held by the Karta for the family. They are not the Karta's personal money.
5. PAN and bank account
5.2 The HUF's money and property will be kept separate from the personal money and property of the Karta and the Members. The HUF's bank account will be used only for the HUF's money.
6. Tax, stamping and costs
6.1 This Deed does not state or decide any tax position. The tax treatment of the opening funds, and of any gift or transfer by a Member to the HUF, should be confirmed with a chartered accountant before the account is used.
6.2 Any stamp duty or other charge found to be payable on this Deed will be paid from the HUF's funds or by the Karta, as the Karta decides.
7. Governing law
7.1 This Deed is governed by the laws of India. The courts where the Karta lives have jurisdiction over any dispute about it.
SCHEDULE: THE MEMBERS
PERSONAL DATA NOTICE
This notice is given under the Digital Personal Data Protection Act, 2023.
The purpose of collecting personal data in this Deed is to identify the Karta and the Members, record the HUF and its opening funds, and support the application for a PAN and a bank account in the name of the HUF.
If the matter does not proceed, the personal data will be retained for 90 days and then erased. If the matter proceeds, the record will be retained for the matter plus 12 months, except where a statute requires a longer named retention period.
Data minimisation: this document does not collect a full Aadhaar number, an Aadhaar-card copy, a password or bank credentials.
SIGNATURES
SIGNED by the Karta
_______________________________
__________ — KARTA
SIGNED by each adult Member named in the Schedule, agreeing to this Deed (add lines if there are more Members)
Name: _______________________________ Signature: _______________________________
Name: _______________________________ Signature: _______________________________
Name: _______________________________ Signature: _______________________________
WITNESSES, each of whom has seen the parties sign this Deed. No witness is a party to it.
Witness 1
Signature: _______________________________
Witness 2
Signature: _______________________________