hindu undivided family

Save Income Tax- Form Your HUF

Income Tax - Hindu Undivided Family (HUF) is known to be a very good tax saving tool in India in an ethical & compliant way. Though it is not so widely used by the people as it could have been. Let’s understand who can form an HUF & how is it taxed under the Income Tax Act: Formation […]...

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Things You must know about HUF

Income Tax - 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 deta...

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All About HUF – A Clear Approach

Income Tax - 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 […]...

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What, if proposal to remove HUF as tax unit is implemented?

Income Tax - Law Commission has suggested for abolition of the Hindu Undivided Family (HUF) as a tax entity. This has stirred a hornet’s nest in the country. Let us discuss in detail what is the exact proposal and what are the consequences if the suggestion finds place in the law book....

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Ownership and succession of HUF assets

Income Tax - There is a misconception among people that an HUF can come into existence only if it owns any assets. An HUF and HUF assets are two different concepts. It is not necessary that an HUF should have an asset for coming into existence. There may be situation where an HUF exists on the basis of existence of persons but it may not own any asse...

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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....

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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...

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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...

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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...

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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...

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Individual coparcener cannot be taxed for capital gain on property of HUF

Shri B.S. Venkatesan Vs ITO (ITAT Chennai) - An individual coparcener who was shown as owner in the registered sale deed could not be assessed for capital gain arising in respect of the property belonging to Hindu Undivided Family....

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Co-coparcener cannot challenge sale made by Karta of HUF due to legal necessity

Kehar Singh (D) Thr. L.Rs. & Ors.Vs Nachittar Kaur & Ors. (Supreme Court) - Kehar Singh (D) Thr. L.Rs. & Ors.Vs Nachittar Kaur & Ors. (Supreme Court of India) Once the factum of existence of legal necessity stood proved, then, in our view, no co­-coparcener (son) has a right to challenge the sale made by the Karta of his family. The plaintiff being a son was...

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SC analyses right of married daughters to claim partition in HUF Property

Mangammal @ Thulasi and Anr. Vs T.B. Raju and Ors. (Supreme Court of India) - 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....

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Remuneration to members of HUF for services rendered in business is allowable U/s. 37(1)

Asst. Commissioner of Income Tax Vs Sri B. Sreeramulu (HUF) (ITAT Hyderabad) - The remuneration to the members of the HUF were paid for the services rendered in the business which is allowable U/s. 37(1) and invoking the provisions of Section 184 and Section 40(b) does not arise on the facts of the case at all....

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Section 56(2)(vii) HUF can’t be treated as a ‘Donor’ of Gift

Gyanchand M. Bardia Vs. The Income Tax Officer (ITAT Ahmedabad) - Gyanchand M. Bardia Vs. ITO (ITAT Ahmedabad) The first dispute between the parties is qua validity of assessee’s gift claim as received from the HUF amounting to Rs. 1,02,00,000/- coming through banking channel. Both the lower authorities are of the view that an HUF does not come under the specifi...

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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...

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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...

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Recent Posts in "hindu undivided family"

Save Income Tax- Form Your HUF

Hindu Undivided Family (HUF) is known to be a very good tax saving tool in India in an ethical & compliant way. Though it is not so widely used by the people as it could have been. Let’s understand who can form an HUF & how is it taxed under the Income Tax Act: Formation […]...

Read More
Posted Under: Income Tax |

Individual coparcener cannot be taxed for capital gain on property of HUF

Shri B.S. Venkatesan Vs ITO (ITAT Chennai)

An individual coparcener who was shown as owner in the registered sale deed could not be assessed for capital gain arising in respect of the property belonging to Hindu Undivided Family....

Read More

Things You must know about HUF

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 deta...

Read More
Posted Under: Income Tax |

All About HUF – A Clear Approach

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 […]...

Read More
Posted Under: Income Tax |

Co-coparcener cannot challenge sale made by Karta of HUF due to legal necessity

Kehar Singh (D) Thr. L.Rs. & Ors.Vs Nachittar Kaur & Ors. (Supreme Court)

Kehar Singh (D) Thr. L.Rs. & Ors.Vs Nachittar Kaur & Ors. (Supreme Court of India) Once the factum of existence of legal necessity stood proved, then, in our view, no co­-coparcener (son) has a right to challenge the sale made by the Karta of his family. The plaintiff being a son was one of the co­-coparceners along with ...

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What, if proposal to remove HUF as tax unit is implemented?

Law Commission has suggested for abolition of the Hindu Undivided Family (HUF) as a tax entity. This has stirred a hornet’s nest in the country. Let us discuss in detail what is the exact proposal and what are the consequences if the suggestion finds place in the law book....

Read More
Posted Under: Income Tax |

Ownership and succession of HUF assets

There is a misconception among people that an HUF can come into existence only if it owns any assets. An HUF and HUF assets are two different concepts. It is not necessary that an HUF should have an asset for coming into existence. There may be situation where an HUF exists on the basis of existence of persons but it may not own any asse...

Read More
Posted Under: Income Tax |

Download Form 15G & 15H with FAQs

Everyone is aware that Form 15G and form 15H are used for avoiding the TDS deduction while computing the interest earned during the financial year. In this article we are discussing important points to remember while submitting the Form 15G and Form...

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Posted Under: Income Tax |

Legal Aspect of an HUF

After my article on tax benefits available to a Hindu Undivided Family (HUF) some of my friends have requested me to write more on the legal aspect of the HUF. This article deals with the legal aspect of an HUF....

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Posted Under: Income Tax |

SC analyses right of married daughters to claim partition in HUF Property

Mangammal @ Thulasi and Anr. Vs T.B. Raju and Ors. (Supreme Court of India)

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....

Read More

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