Income Tax : Learn about Hindu Undivided Family (HUF), its formation, tax-saving benefits, and the rules in India. Discover the advantages and ...
Income Tax : HUF (Hindu Undivided family) is peculiar concept under Hindu Law which is not prevalent in any other religion. All the assets of a...
Corporate Law : Hindu law is derived from old scriptures and has developed over the years with judicial pronouncements. Some of the laws applicabl...
Corporate Law : Interpretation of Section 6 of the Hindu Succession Act, 1956. Article explains the latest judgment of the Hon’ble Supreme Court...
Corporate Law : In a significant judgment on Tuesday, the Supreme Court of India ruled that a daughter will have a share in her ancestral prope...
Finance : An unmarried Hindu woman is entitled to equal share in ancestral or coparcenery property along with other male members under the a...
Corporate Law : SC held Hindu Widow had pre-existing right to maintenance in suit property that had ripened into full ownership by virtue of Secti...
Corporate Law : Rajeshwari Vs Bhunu Ram (Chhattisgarh High Court) Section 20 of the Hindu Adoptions and Maintenance Act, 1956 speaks about the mai...
Corporate Law : ince the plaintiff and defendants are coparcener of the joint Hindu as per Hindu Succession Act as amended in 2005, the daughters ...
Corporate Law : In a suit for partition, the properties which had been given as dowry or otherwise at the time of marriage of the daughter plainti...
Income Tax : The Supreme Court on Thursday said the daughters of a male Hindu dying without a will would be entitled to inherit self-acquired a...
Equality reaffirmed by the Supreme Court in a recent judgement delivered on August 11, 2020. It has been held that a daughter will have a share under the Hindu Succession (Amendment) Act, 2005, irrespective of whether her father was alive or not at the time of the amendment.
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 demise. No recovery is made for ancestors dues from son, grandson, or great grandson by applying doctrine of pious obligation.
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 of a Hindu Family live in a state of union, unless the contrary is established.
Basic requirements for the existence of an HUF are as follows :(i) Only one co-parcener or member cannot form an HUF Family is a group of people related by blood or marriage. A single person, male or female, does not constitute a family. However the property held by a single co-parcener does not lose its character of Joint Family property solely for the reason that there is no other male or female member at a particular point of time. Once the co-parcener marries, an HUF comes into existence as he alongwith his wife constitutes a Joint Hindu Family as held in the case of Prem Kumar v. CIT , 121 ITR 347 (All.)
Article covers Some Important Aspects of HUF Under Income Tax, 1961 which includes 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 […]
A Hindu Undivided Family can be created by following ways: 1. Blending of individual property with the family Hotchpot 2. Receipts of Gifts 3. Doing Joint labour for the benefit of HUF 4. Inheritance through a specific bequest under a Will 5. Partition of a larger Hindu Undivided Family 6. Reunion of separated coparceners
Smt. Krishana Kumari Devi Vs Harihar Chandra Bhanjdeo (Chhattisgarh High Court) It is, indisputably and fairly well settled that private was to remain with him under the covenant/agreement executed with the GOI and the said property has to pass on from one Ruler to another in terms of Article 5 of the agreement. It would […]
The assessee before us is a HUF. During the relevant previous year, the assessee sold three properties. In the income tax return filed by the assessee, however, only the capital gains on sale of 1/2 of these properties were shown. When the Assessing Officer probed this apparent discrepancy, it was explained that these properties were purchased by Shri Pranayakumar Shodhan
Artcle explains Succession, Testamentary Powers and Succession, Intestate Succession / Inheritance , Law of Testamentary Succession, Meaning / Definition of a ‘Will’ , Importance of making a Will, Issues of Heirs in case of Inheritance , Important Terms relating to a Will, Attestation of Will / Attesting Witnesses , Bequests : Alternative / Residuary; Lapse […]
I believe you must have heard of Hindu Undivided Family (HUF). Most of the people think that this is a person which are created by some kind of Agreements etc. Well, if you are also one of them then it’s time to bust your myth about that. Because the fact is something far different from that. So, Let’s understand the concept in a bit detail:
