hindu undivided family

Impetus to start-ups – a tax and regulatory perspective

Income Tax - In todays environment, start-ups are crucial as they focus on innovation, lead to employment generation and promote research and development. As per recent study conducted by IBM and Oxford, 90% of India’s start-ups fail within the first five years despite Indias entrepreneurial strengths....

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Section 80D Deduction for Mediclaim Insurance Premium

Income Tax - Section 80D: Deduction Under Section 80D for Mediclaim Insurance Premium to Individual, HUF, Senior Citizens....

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How setting up of an HUF can minimize tax liability

Income Tax - The expression hindu undivided family has not define under the income tax act or in any other statue. A Hindu undivided family is a separate legal tax entity under the provisions of Sec.2(31) of the income tax act 1961. It is a body consisting of persons lineally descended from a common ancestor and include their wifes and unmarried daugh...

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HUF as partner in partnership firm vis-à-vis Income Tax Act

Income Tax - The Hon’ble Supreme Court in Ram Laxman Sugar Mills vs. CIT [1967] 66 ITR 613 observed that a HUF is undoubtedly a Person with in the meaning of section 2(31), it is however not a juristic person for all purposes and cannot enter in to an agreement of partnership either with another HUF or Individual. ...

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Assessment and Taxability of Hindu Undivided Family (HUF)

Income Tax - Hindu Undivided Family (HUF)​ ♠ Hindu Undivided Family (‘HUF’) is treated as a ‘person’ under section 2(31) of the Income-tax Act, 1961 (herein after referred to as ‘the Act’). HUF is a separate entity for the purpose of assessment under the Act. ♠ Under Hindu Law, an HUF is a family which consists of all […]...

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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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Gift received from a HUF by a member of HUF is exempt from tax

DCIT Vs Ateev V. Gala (ITAT Mumbai) - Relative explained in Explanation to section 56(2)(vi) of the Act includes relatives and as the assessee received gift from his HUF, which is a group of relatives, the gift received by the assessee from the HUF should be interpreted to mean that the gift was received from the relatives therefore the...

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Sale of Land of HUF after Death of Karta is assessable in HUF’s hand

M/s Amarchand HUF Vs The ITO (ITAT Jaipur) - What has been sold was ancestral agricultural land which belongs to the HUF and it has been brought to tax in the hands of HUF after the death of Sh. Amarchand. There is no partition of HUF and there is no finding of any partition given by the Assessing Officer u/s 171 of the Act....

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Assessment of Individual cannot be done by issuing notice on HUF

Shri. Deen Dayal Kothari Vs Income Tax Officer, (ITAT Chennai) - An 'individual' and an 'HUF' are different persons under the Income Tax Act, and notice to one cannot be deemed as notice to the other....

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Women can be Karta of HUF: Delhi High Court

Mrs. Sujata Sharma Vs Shri Manu Gupta (Delhi High Court) - 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....

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Payment made by a member to its stock exchange for VSAT/ Lease line/BOLT/ Dem at charges is not fee for technical services u/s194J

DCIT Vs. Angel Brooking Ltd. (ITAT Mumbai) - For the purposes of this clause, fees for technical services means any consideration (including any lump sum consideration) for the rendering of any managerial, technical or consultancy services (including the provision of services of technical or other personnel) but does not include consideration ...

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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"

Impetus to start-ups – a tax and regulatory perspective

In todays environment, start-ups are crucial as they focus on innovation, lead to employment generation and promote research and development. As per recent study conducted by IBM and Oxford, 90% of India’s start-ups fail within the first five years despite Indias entrepreneurial strengths....

Read More
Posted Under: Income Tax |

Gift received from a HUF by a member of HUF is exempt from tax

DCIT Vs Ateev V. Gala (ITAT Mumbai)

Relative explained in Explanation to section 56(2)(vi) of the Act includes relatives and as the assessee received gift from his HUF, which is a group of relatives, the gift received by the assessee from the HUF should be interpreted to mean that the gift was received from the relatives therefore the same is not taxable under section 56(2)...

Read More

Sale of Land of HUF after Death of Karta is assessable in HUF’s hand

M/s Amarchand HUF Vs The ITO (ITAT Jaipur)

What has been sold was ancestral agricultural land which belongs to the HUF and it has been brought to tax in the hands of HUF after the death of Sh. Amarchand. There is no partition of HUF and there is no finding of any partition given by the Assessing Officer u/s 171 of the Act....

Read More

Assessment of Individual cannot be done by issuing notice on HUF

Shri. Deen Dayal Kothari Vs Income Tax Officer, (ITAT Chennai)

An 'individual' and an 'HUF' are different persons under the Income Tax Act, and notice to one cannot be deemed as notice to the other....

Read More

Section 80D Deduction for Mediclaim Insurance Premium

Section 80D: Deduction Under Section 80D for Mediclaim Insurance Premium to Individual, HUF, Senior Citizens....

Read More
Posted Under: Income Tax | ,

How setting up of an HUF can minimize tax liability

The expression hindu undivided family has not define under the income tax act or in any other statue. A Hindu undivided family is a separate legal tax entity under the provisions of Sec.2(31) of the income tax act 1961. It is a body consisting of persons lineally descended from a common ancestor and include their wifes and unmarried daugh...

Read More
Posted Under: Income Tax |

HUF as partner in partnership firm vis-à-vis Income Tax Act

The Hon’ble Supreme Court in Ram Laxman Sugar Mills vs. CIT [1967] 66 ITR 613 observed that a HUF is undoubtedly a Person with in the meaning of section 2(31), it is however not a juristic person for all purposes and cannot enter in to an agreement of partnership either with another HUF or Individual. ...

Read More
Posted Under: Income Tax | ,

Women can be Karta of HUF: Delhi High Court

Mrs. Sujata Sharma Vs Shri Manu Gupta (Delhi High Court)

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....

Read More

Assessment and Taxability of Hindu Undivided Family (HUF)

Hindu Undivided Family (HUF)​ ♠ Hindu Undivided Family (‘HUF’) is treated as a ‘person’ under section 2(31) of the Income-tax Act, 1961 (herein after referred to as ‘the Act’). HUF is a separate entity for the purpose of assessment under the Act. ♠ Under Hindu Law, an HUF is a family which consists of all […]...

Read More
Posted Under: Income Tax | ,

Partition of Hindu Undivided Family and Its Taxation

As we know HUF (Hindu Undivided Family) is assessed as a separate person under provisions of Income Tax Act, 1961. It has its own identity and right to own property but not a juristic person. It can sue and be sued as a person. It is governed by Karta of the family and consists of coparceners of a single family. ...

Read More
Posted Under: Income Tax |
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