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...
This appeal is preferred against the impugned judgment and order dated 18.09.2006 passed by the High Court of Judicature at Madras in S.A. No. 780 of 2006 whereby learned single Judge of the High Court dismissed the appeal filed by the appellants herein at the admission stage.
Rights of daughters in coparcenary property as per the amended S. 6 are not lost merely because a preliminary decree has been passed in a partition suit. So far as partition suits are concerned, the partition becomes final only on the passing of a final decree. Where such situation arises, the preliminary decree would have to be amended taking into account the change in the law by the amendment of 2005.
A Will becomes enforceable only after the death of the testator. It gives absolutely no rights to the legatee (the person who inherits) until the death of the testator. It has no effect during the lifetime of the testator. A testator can change his Will, at any time, in any manner he deems fit.
A written and a registered Will, is the best and most convenient way for you to pass on your estate to the persons whom you want to.
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 happen. Even people you never thought can suddenly appear claiming their share in the wealth.
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 and facilitate a seamless transition for the benefit of the business and next generation. Individuals who have dealt with succession issues structurally and with professional help have ensured survival and sustainability of businesses and wealth through generations.
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’.
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.
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 […]
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 […]
