TaxGuru Newsletter Subscription
Information You Can Rely On.
Corporate Law - Hindu Undivided Family (HUF) : An entity that emerges as a result of customary Law There are different entities which have separate legal existence some of them emerges naturally (like Humans), some of them emerges as a result of incorporation or in simple words registration under any statue (like Companies and Registered Firms) but there...
Read MoreCorporate Law - Hindu undivided family has always been a contradictory topic. There have been many judgments passed and challenged. HUF is not defined under The Income Tax Act. But its taxability is covered under the Act. It is created by Hindu, Jains, Sikhs and Buddhists family. The group of individuals must share common roots. Forming an HUF […]...
Read MoreCorporate Law - HUF can be used as an efficient tax saving tool that can be used to reduce taxes by proper Tax Planning. The notion of HUF Hindu undivided family) is particularly relevant In India since joint families exist in Indian culture where an individual’s income is also taxed as joint income. Income is charged on family […]...
Read MoreCorporate Law - Meaning of Family Settlement/Arrangement In the case of Sk Satter Sk. Mohd. Choudhary. Gundappa Amabadas Bukate, AIR 1997 SC 998, the Apex Court relying upon the definition of Family Arrangement in Halsbury’s Laws of England held that a family arrangement is intended to be generally and reasonably for the benefit of the family eit...
Read MoreCorporate Law - Under the latest provisions, any sum of money received without consideration (in excess of Rs 50,000), by an individual or Hindu Undivided Family (HUF), during a financial year, are taxable in the hands of the recipient. For the purpose of computation of the threshold limit of Rs 50,000, the aggregate value of gifts received from all sour...
Read MoreCorporate Law - 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....
Read MoreCorporate Law - 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...
Read MoreCorporate Law - 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...
Read MoreCorporate Law - 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...
Read MoreCorporate Law - 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...
Read MoreKiran Devi Vs The Bihar State Sunni Wakf Board & Ors. (Supreme Court of India) - Kiran Devi Vs The Bihar State Sunni Wakf Board & Ors. (Supreme Court) 1. Supreme Court on Hindu Undivided Family, there cannot be any Presumption That Business Run By Karta In Tenented Premise Is Joint Family Asset. 2. The contract of tenancy is an independent contract than the joint Hindu famil...
Read MoreSatish Chander Ahuja Vs Sneha Ahuja (Supreme Court) - Satish Chander Ahuja Vs Sneha Ahuja (Supreme Court) Conclusion: Suit filed in civil court for mandatory and permanent injunction was fully maintainable and the issues raised by assessee-father-in-law as well as by daughter-in-law claiming a right under Section 19 were to be addressed and decided on ...
Read MoreVineeta Sharma vs. Rakesh Sharma (Supreme Court) (Larger Bench) - 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....
Read MoreAdhiraj Pranay Shodhan HUF Vs ITO (ITAT Ahmedabad) - 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 e...
Read MoreShri S. Krishnappa (HUF) Vs DCIT (ITAT Bangalore) - The issue raised by the assessee that the HUF was not in existence when the assessment proceedings have been conducted and the Assessment Order has been passed on HUF and therefore, the entire proceedings are rendered null and void and it should be held that the Assessment Order is bad in law on the...
Read MoreNotification 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...
Read MorePRESS 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...
Read MoreKiran Devi Vs The Bihar State Sunni Wakf Board & Ors. (Supreme Court of India) - 01/01/1970
01/01/1970
01/01/1970
01/01/1970
Satish Chander Ahuja Vs Sneha Ahuja (Supreme Court) - 01/01/1970
01/01/1970
01/01/1970
01/01/1970
01/01/1970
01/01/1970
