2 hindu undivided family

hindu undivided family

All About Hindu Undivided Family (HUF)

Income Tax - Article explains What is HUF, How HUF is formed, Evaluation of HUF, How HUF Helped in Tax Planning, Basic criteria for an HUF, Important terms which are used in a joint Hindu Family Business and  Limitations of a Joint Hindu Family Business. What is HUF ? HUF stands for Hindu Undivided Family in which members […]...

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What is HUF and how to make HUF deed?

Income Tax - A Hindu Undivided Family is a family which consists of all persons lineally descended from a common ancestor and includes their wives and unmarried daughters. Hindu Undivided Family is treated as a person under section 2(31)​ of the Income-tax Act, 1961. HUF is a separate entity for the purpose of assessment under the Act. A HUF [&hell...

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HUF v. Private Family Trust: Time to reconsider structuring of family investments!

Income Tax - Hindu Undivided Family (HUF) v. Private Family Trust: It’s time to reconsider and make wise structuring of family investments! With the rise of nuclear families, shifting demographics, the deterioration of patriarchal traditions in Hindu households, increasing diversity in outlook and lifestyle among generations, the expansion of ed...

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Dissolution of HUF

Income Tax - Any male or female person born in a joint family under Hindu law who is within four levels in lineal descendent from the common male ancestor is considered as a coparcener and anyone who becomes part of the family other than by the virtue of birth (I.e., by marriage) is treated as a member....

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Capacity of Females Hindu to Form A Hindu Undivided Family: SC

Income Tax - Female heirs of a Hindu governed by the Dayabhaga School of Hindu Law dying intestate could not impress upon their inherited property the character of joint family property. The properties inherited from her husband was assessable in the hands of the assessee in the status of individual. It means that female members of a HUF cannot form H...

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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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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...

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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...

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Daughter entitled to inherit self-acquired property of her father: SC

Arunachala Gounder (Dead) By Lrs. Vs Ponnusamy and Ors. (Supreme Court of India) - The Supreme Court on Thursday said the daughters of a male Hindu dying without a will would be entitled to inherit self-acquired and other properties obtained in the partition by the father....

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Right of Karta to execute agreement to sell or sale deed of a joint Hindu family property is beyond cavil: SC

Beereddy Dasaratharami Reddy Vs V. Manjunath and Another (Supreme Court of India) - Beereddy Dasaratharami Reddy Vs V. Manjunath (Supreme Court of India) Right of the Karta to execute agreement to sell or sale deed of a joint Hindu family property is settled and is beyond cavil vide several judgments of this Court including Sri Narayan Bal and Others v. Sridhar Sutar and Others,2 w...

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Business Run by Karta of HUF Cannot Be presumed to be Joint Family Business: SC

Kiran 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...

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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"

All About Hindu Undivided Family (HUF)

Article explains What is HUF, How HUF is formed, Evaluation of HUF, How HUF Helped in Tax Planning, Basic criteria for an HUF, Important terms which are used in a joint Hindu Family Business and  Limitations of a Joint Hindu Family Business. What is HUF ? HUF stands for Hindu Undivided Family in which members […]...

Read More
Posted Under: Income Tax |

What is HUF and how to make HUF deed?

A Hindu Undivided Family is a family which consists of all persons lineally descended from a common ancestor and includes their wives and unmarried daughters. Hindu Undivided Family is treated as a person under section 2(31)​ of the Income-tax Act, 1961. HUF is a separate entity for the purpose of assessment under the Act. A HUF [&hell...

Read More
Posted Under: Income Tax |

HUF v. Private Family Trust: Time to reconsider structuring of family investments!

Hindu Undivided Family (HUF) v. Private Family Trust: It’s time to reconsider and make wise structuring of family investments! With the rise of nuclear families, shifting demographics, the deterioration of patriarchal traditions in Hindu households, increasing diversity in outlook and lifestyle among generations, the expansion of ed...

Read More
Posted Under: Income Tax |

Dissolution of HUF

Any male or female person born in a joint family under Hindu law who is within four levels in lineal descendent from the common male ancestor is considered as a coparcener and anyone who becomes part of the family other than by the virtue of birth (I.e., by marriage) is treated as a member....

Read More
Posted Under: Income Tax |

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 […]...

Read More

Capacity of Females Hindu to Form A Hindu Undivided Family: SC

Female heirs of a Hindu governed by the Dayabhaga School of Hindu Law dying intestate could not impress upon their inherited property the character of joint family property. The properties inherited from her husband was assessable in the hands of the assessee in the status of individual. It means that female members of a HUF cannot form H...

Read More
Posted Under: Income Tax |

Tax savings through HUF

HUF is a creation of law and cannot be created by the act of parties, except in the case of adoption by member of HUF. HUF is a separate legal entity as per section 2(31) of the Income Tax Act and therefore, as long as the HUF is in existence, no individual member can be separately assessed in respect of its income. [ITO vs. Bachu Lal Kap...

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Posted Under: Income Tax |

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 unmarried, as the case may […]...

Read More

Daughter entitled to inherit self-acquired property of her father: SC

Arunachala Gounder (Dead) By Lrs. Vs Ponnusamy and Ors. (Supreme Court of India)

The Supreme Court on Thursday said the daughters of a male Hindu dying without a will would be entitled to inherit self-acquired and other properties obtained in the partition by the father....

Read More

Whether Benefits of Section 23(2) Availabe To HUF?

It is not a question whether it is Section 23(2) of the Income Tax Act or Section 7(4) of the Wealth Tax Act, the provisions being similar, the interpretation will be the same. The Division Bench of this Court having held that similar benefit is available to HUF, irrespective of decision of other High Court with regard to partnership firm...

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Posted Under: Income Tax |

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