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.

To register a HUF, the Hindu family must have a common ancestral property. The family must also have a Karta, who is the head of the family and is responsible for managing all HUF assets. The Karta must file an application with the Income Tax Department of India to register the HUF. The application should include details of the family, the Karta, and the ancestral property. Once the application is approved, the HUF will be issued a PAN (Permanent Account Number). The PAN is required for all financial transactions, including filing tax returns.