hindu undivided family

Basic Provisions of HUF and Tax Planning through HUF

Income Tax - Learn about Hindu Undivided Family (HUF), its formation, composition, tax benefits, and ways to reduce tax outgo through HUF in this comprehensive overview....

Shattering Glass Ceilings: The Rise of Women Karta in Hindu Undivided Family in India

Income Tax - In a groundbreaking decision, the Delhi High Court allows women to serve as Karta in Hindu Undivided Families, promoting gender equality and transforming family dynamics....

A Study of Residential Status of an Individual and Hindu Undivided Family in Accordance To Income Tax Act

Income Tax - Explore the intricacies of residential status under the Income Tax Act in India. Learn about individual and HUF classifications, conditions, and recent amendments....

HUF Taxation in India: A Complete Guide to HUF Tax Treatment

Income Tax - Learn about taxation of Hindu Undivided Families (HUFs) in India. Understand HUF residential status, income computation, deductions, and tax regimes....

HUF in Income Tax: Formation, Advantages & Disadvantages

Income Tax - Hindu Undivided Family (HUF) under Income Tax Act, its formation, advantages, and disadvantages. Understand difference between coparceners and members....

Section 56 amended to cover property received without or inadequate consideration by closely held companies

Income Tax - In a move expected to make family settlements and transfer of shares more taxing, the government plans to tighten anti-abuse provisions in the Income Tax Act, by including share sales in unlisted companies below fair market value under the ambit of regulations....

Affidavit must for gift in kind, over Rs. 50,000, from relatives

Income Tax - From now on, when you get a gift in kind, valued at more than Rs. 50,000, from your parents or other relatives, make sure you have a sworn affidavit declaring the donor your kin.The Central Board of Direct Taxes has ruled that any such gift will be taxable for the donee unless it is from relatives or given during occasions such as marriag...

Proposal related to wealth Tax in Direct Tax code

Income Tax - The Direct Taxes Code proposes to substantially raise the threshold limit for levy of wealth tax to Rs 50 crore from Rs 30 lakh, a suggestion, if accepted, would save many people from paying tax on their wealth. Finance Minister Pranab Mukherjee in the budget for 2009-10 had doubled the threshold limit for levy of wealth tax to [&helli...

Wealth tax exemption limit raised

Income Tax - Enhancement of the limit for payment of wealth tax under the existing provisions of section 3 of the Wealth-tax Act, wealth tax is charged every year in respect of net wealth, on the valuation date, of every individual, Hindu undivided family and company at the rate of one per cent. of the amount by which the net wealth exceeds Rs.15.00 l...

Three words enough to access your tax records – beware

Income Tax - If you are thinking of filing your income tax returns online, think twice. It is very easy for anyone to hack into your account and have access to your income tax details. All a hacker needs to know is - 1. Your name 2. Permanent account number (PAN) and 3. Your date of birth. He first needs to log onto the e-filing website (www.incometa...

Section 56(2)(vii)(b) Not Applicable to Companies before 01.04.2017

Rhythm Polymers Pvt. Ltd. Vs PCIT (ITAT Delhi) - ITAT Delhi's decision regarding applicability of Section 56(2)(vii)(b) to companies before April 1, 2017 in case of Rhythm Polymers Pvt. Ltd. vs. PCIT....

TDS Credit on House Property Sale allowed to HUF despite deduction in Individual Account

Anant Singhania HUF Vs ITO (ITAT Mumbai) - ITAT Mumbai rules in favour of Anant Singhania HUF, allowing TDS credit for sale of housing property. The landmark decision provides clarity on tax deductions and credits....

ITAT dismisses Appeal of HUF whose Karta was expired for non-pursual

Ishwarbhai Madhavlal Patel-HUF Vs ITO (ITAT Ahmedabad) - Ishwarbhai Madhavlal Patel-HUF Vs ITO (ITAT Ahmedabad) In the present case, the Karta of HUF having expired in the year 2021 itself when this information was first provided and since then revised Form No. 36 in the name of the legal-heirs or representative of the deceased-assessee is not be filed as...

HUF Eligible For section 54F Exemption for Property Purchased in Joint Name of Members

S.K. Agarwal (HUF) Vs ITO (ITAT Delhi) - S.K. Agarwal (HUF) Vs ITO (ITAT Delhi) It is an admitted fact that during the AY 2015-16, the assessee HUF sold a plot of land and earned capital gain which it claimed exempt under section 54F as the assessee purchased a residential house. The only cause of denial of exemption by the Revenue is that...

Unmarried Daughter Can Claim Marriage Expenses from Parents Hindu Law

Rajeshwari Vs Bhunu Ram (Chhattisgarh High Court) - Rajeshwari Vs Bhunu Ram (Chhattisgarh High Court) Section 20 of the Hindu Adoptions and Maintenance Act, 1956 speaks about the maintenance of children and aged parents. Sub section(3) of Section 20 causes obligation of a person to maintain his or her aged or infirm parent or a daughter who is unmarr...

PPF account of HUF can not be extended beyond 15 Years

Notification No. GSR 956(E) - (07/12/2010) - an account opened on behalf of a Hindu Undivided Family prior to the 13th day of May, 2005, shall be closed after expiry of fifteen years from the end of the year in which the initial subscription was made and the entire amount standing at the credit of the subscriber shall be refunded, after making...

Gifts of property (gifts-in-kind) above value of rs.50,000 become taxable from 1st October 2009

PRESS RELEASE No.402/92/2006-MC - (30/09/2009) - The Income Tax Act 1961 (the Act) has been amended with effect from 1st October 2009 to provide that any gift-in-kind, being an immovable property or any other property, the value of which exceeds Rs.50,000 (rupees fifty thousand), will become taxable in the hands of the donee, being an individual o...

Recent Posts in "hindu undivided family"

Basic Provisions of HUF and Tax Planning through HUF

Learn about Hindu Undivided Family (HUF), its formation, composition, tax benefits, and ways to reduce tax outgo through HUF in this comprehensive overview....

Posted Under: Corporate Law |

Shattering Glass Ceilings: The Rise of Women Karta in Hindu Undivided Family in India

In a groundbreaking decision, the Delhi High Court allows women to serve as Karta in Hindu Undivided Families, promoting gender equality and transforming family dynamics....

Posted Under: Corporate Law |

A Study of Residential Status of an Individual and Hindu Undivided Family in Accordance To Income Tax Act

Explore the intricacies of residential status under the Income Tax Act in India. Learn about individual and HUF classifications, conditions, and recent amendments....

Posted Under: Corporate Law |

Section 56(2)(vii)(b) Not Applicable to Companies before 01.04.2017

Rhythm Polymers Pvt. Ltd. Vs PCIT (ITAT Delhi)

ITAT Delhi's decision regarding applicability of Section 56(2)(vii)(b) to companies before April 1, 2017 in case of Rhythm Polymers Pvt. Ltd. vs. PCIT....

HUF Taxation in India: A Complete Guide to HUF Tax Treatment

Learn about taxation of Hindu Undivided Families (HUFs) in India. Understand HUF residential status, income computation, deductions, and tax regimes....

Posted Under: Corporate Law |

HUF in Income Tax: Formation, Advantages & Disadvantages

Hindu Undivided Family (HUF) under Income Tax Act, its formation, advantages, and disadvantages. Understand difference between coparceners and members....

Posted Under: Corporate Law |

Hindu Undivided Family (HUF) in India: Formation, Tax Benefits & Challenges

Learn about Hindu Undivided Family (HUF), its formation, tax-saving benefits, and the rules in India. Discover the advantages and hurdles in HUF dissolution....

Posted Under: Corporate Law |

Dynamics of Hindu Undivided Family Business Structure in India

Dive into the dynamics of Hindu Undivided Family (HUF) business structure in India. Explore its unique characteristics, advantages, and disadvantages. Learn about the role of the 'Karta,' membership by birth, permanent existence, and the advantages of efficient management. Understand the historical context of Mitakshara and Dayabhaga laws...

Posted Under: Corporate Law |

हिन्दू अविभाजित परिवार (HUF): एक इकाई जो प्रथागत कानून के परिणामस्वरूप उभरती है

अलग-अलग इकाइयाँ हैं जिनका अलग-अलग कानूनी अस्तित्व है उनमें से कुछ प्राकृतिक रूप से उभरती हैं (जैसे मनुष्य), कुछ निगमन के परिणामस्व...

Posted Under: Corporate Law |

TDS Credit on House Property Sale allowed to HUF despite deduction in Individual Account

Anant Singhania HUF Vs ITO (ITAT Mumbai)

ITAT Mumbai rules in favour of Anant Singhania HUF, allowing TDS credit for sale of housing property. The landmark decision provides clarity on tax deductions and credits....

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