hindu succession act

Applicability of Hindu Succession Law when a person dies unwilled

Finance - When a person dies unwilled, then The Hindu Succession Act, 1956 applies for division of wealth. This law applies to Hindus, Jains, Buddhists and Sikhs. Money is so powerful that relation doesn’t take time to break. Family members can really fight over the issue of who gets how much out of the wealth and a lot of times unexpected things...

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Succession planning – Life moves with Trust

Finance - Reflecting on ownership or leadership succession provokes an extreme emotional reaction for business and asset owners, as this is a reminder of age and mortality, which innately clouds the human mind with fear, feeling of loss of control or influence. A stress free mind calls for a simple and robust succession plan to protect the assets a...

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Presentation on HUF – WHY AN HUF?

Finance - CA Sagar Kakkad WHY AN HUF? Because you can save up to INR 5 Million in Present Value Terms !! Assumptions Your current age is 30 years and your life expectancy is 70 years Government increases the basic exemption limit by average INR 25 k per year and deductions by average INR 5 k per […]...

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Concept of HUF; Distinction b/w Co-parcener and member

Finance - Income Tax Act provides a special status to HUF under the Act and covers it in the definition of person u/s 2(31) of the Act. The Hindu Undivided Family (HUF) has not been defined under Income Tax Act, 1961, however, as per Hindu Law A Hindu Undivided Family (HUF) is ordinarily joint not only in estate but in food and worship. The members...

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Some Important Aspects of HUF Under Income Tax, 1961

Finance - Some Important Aspects of HUF Under Income Tax, 1961 Partition of HUF under Income Tax Act, 1961 and its assessment after Partition. Residential Status of HUF Taxability of Income from house property in the name of HUF Proprietorship and Partnership by HUF Capital Gain Exemption available to HUF Deductions under Chapter VIA Taxability of ...

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Unmarried Hindu woman has equal property rights

Finance - An unmarried Hindu woman is entitled to equal share in ancestral or coparcenery property along with other male members under the amended Hindu Succession Act, the Supreme Court has held. Coparcenary refers to equal inheritance which was restricted only to male members of the Hindu Undivided Family but after succesive amendements several s...

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Daughter have equal rights in Parents property prospectively: SC

Prakash & Ors Vs Phulavati & Ors (Supreme Court of India) - Supreme Court held In the case of Prakash & Ors vs. Phulavati & Ors that the text of the amendment itself clearly provides that the right conferred on a ‘daughter of a coparcener’ is ‘on and from the commencement of Hindu Succession (Amendment) Act, 2005’....

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Women can be Karta of HUF: Delhi High Court

Mrs. Sujata Sharma Vs Shri Manu Gupta (Delhi High Court) - In a judgment that is expected to have far reaching ramifications, the Delhi High Court has ruled that a female member of a Hindu Undivided Family can also be the ‘karta’. Falling prey to the patriarchal system, this role of leadership has been traditionally inherited by men of the household....

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Claim of Succession should be beyond Any Reasonable Doubt – SC

Siddamurthy Jayarami Reddy (D) by LRs. Vs. Godi Jaya Rami Reddy & Anr (Supreme Court of India) - Hindu Succession Act, 1956- The plea, of the appellants, that Rami Reddy's family from the second wife and the testator's family was a composite family and the properties were joint family properties of the plaintiffs and the defendants, has not been accepted by the trial court as well as High Court...

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Recent Posts in "hindu succession act"

Applicability of Hindu Succession Law when a person dies unwilled

When a person dies unwilled, then The Hindu Succession Act, 1956 applies for division of wealth. This law applies to Hindus, Jains, Buddhists and Sikhs. Money is so powerful that relation doesn’t take time to break. Family members can really fight over the issue of who gets how much out of the wealth and a lot of times unexpected things...

Read More
Posted Under: Finance |

Succession planning – Life moves with Trust

Reflecting on ownership or leadership succession provokes an extreme emotional reaction for business and asset owners, as this is a reminder of age and mortality, which innately clouds the human mind with fear, feeling of loss of control or influence. A stress free mind calls for a simple and robust succession plan to protect the assets a...

Read More
Posted Under: Finance |

Daughter have equal rights in Parents property prospectively: SC

Prakash & Ors Vs Phulavati & Ors (Supreme Court of India)

Supreme Court held In the case of Prakash & Ors vs. Phulavati & Ors that the text of the amendment itself clearly provides that the right conferred on a ‘daughter of a coparcener’ is ‘on and from the commencement of Hindu Succession (Amendment) Act, 2005’....

Read More

Women can be Karta of HUF: Delhi High Court

Mrs. Sujata Sharma Vs Shri Manu Gupta (Delhi High Court)

In a judgment that is expected to have far reaching ramifications, the Delhi High Court has ruled that a female member of a Hindu Undivided Family can also be the ‘karta’. Falling prey to the patriarchal system, this role of leadership has been traditionally inherited by men of the household....

Read More

Presentation on HUF – WHY AN HUF?

CA Sagar Kakkad WHY AN HUF? Because you can save up to INR 5 Million in Present Value Terms !! Assumptions Your current age is 30 years and your life expectancy is 70 years Government increases the basic exemption limit by average INR 25 k per year and deductions by average INR 5 k per […]...

Read More
Posted Under: Finance |

Concept of HUF; Distinction b/w Co-parcener and member

Income Tax Act provides a special status to HUF under the Act and covers it in the definition of person u/s 2(31) of the Act. The Hindu Undivided Family (HUF) has not been defined under Income Tax Act, 1961, however, as per Hindu Law A Hindu Undivided Family (HUF) is ordinarily joint not only in estate but in food and worship. The members...

Read More
Posted Under: Finance | ,

Some Important Aspects of HUF Under Income Tax, 1961

Some Important Aspects of HUF Under Income Tax, 1961 Partition of HUF under Income Tax Act, 1961 and its assessment after Partition. Residential Status of HUF Taxability of Income from house property in the name of HUF Proprietorship and Partnership by HUF Capital Gain Exemption available to HUF Deductions under Chapter VIA Taxability of ...

Read More
Posted Under: Finance | ,

Hindu Succession (Amendment) Act, 2005 – rights & liabilities of a daughter member

Daughter shall be a Coparcener of Hindu Family Property. If a Hindu dies, the coparcener property shall be allotted to the daughter as is allotted to sons. If a female coparcener dies before partition, then children of such coparcener would eligible for allotment assuming a partition had taken place immediately before her demi...

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Posted Under: Finance | ,

Who can be Karta of HUF his powers; Can Female / Minors / Junior Member can be Karta of HUF

KARTA OF HUF The Karta is the manager of HUF and have wide powers by way of controlling the affairs of the HUF. The Karta enjoys his position in the HUF by operation of law without any agreement and consent of other members of HUF. He stands in a fiduciary relationship with other members, but […]...

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Posted Under: Finance | ,

All about HUF with Sole surviving Coparcener

SOLE SURVIVING COPARCENER A coparcener outliving all other coparcener is known as the sole surviving coparcener. He may be alone in the family or there may be other female member along with him in the family. The nature of property in the hands of such sole surviving coparcener is that of HUF property....

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Posted Under: Finance | ,
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