New Delhi, June 2 -- HUF and HUF assets are two different concepts, as it is not necessary for an HUF to own assets. An HUF may exist because there are two or more living coparceners, but it may not own any assets.

This is because Hindus get joint family status by birth, and joint property is simply an adjunct to the joint family. Let us discuss various aspects related to owning and succession of assets with special reference to HUF.

Karta of an HUF can receive gifts on behalf of the HUF from non-family members, provided the donor gives specific direction that the gift is made for the benefit of the HUF.

An HUF can also acquire assets under a 'Will' through a specific bequest in favour of the HUF by the deceased. Even members of the HU...