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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 th...

February 17, 2024 3135 Views 0 comment Print

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

Corporate Law : In a groundbreaking decision, the Delhi High Court allows women to serve as Karta in Hindu Undivided Families, promoting gender eq...

December 13, 2023 738 Views 0 comment Print

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, c...

December 8, 2023 6009 Views 0 comment Print

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, deduction...

October 22, 2023 6078 Views 0 comment Print

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 cop...

October 17, 2023 25497 Views 2 comments Print


Latest News


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 provi...

March 5, 2010 1773 Views 0 comment Print

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...

October 23, 2009 4270 Views 0 comment Print

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...

August 15, 2009 1019 Views 0 comment Print

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...

July 9, 2009 51430 Views 12 comments Print

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 an...

July 18, 2008 1448 Views 0 comment Print


Latest Judiciary


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

Income Tax : ITAT Delhi's decision regarding applicability of Section 56(2)(vii)(b) to companies before April 1, 2017 in case of Rhythm Polymer...

October 24, 2023 1833 Views 0 comment Print

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

Income Tax : ITAT Mumbai rules in favour of Anant Singhania HUF, allowing TDS credit for sale of housing property. The landmark decision provid...

July 15, 2023 969 Views 0 comment Print

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

Income Tax : Ishwarbhai Madhavlal Patel-HUF Vs ITO (ITAT Ahmedabad) In the present case, the Karta of HUF having expired in the year 2021 itsel...

April 26, 2023 546 Views 0 comment Print

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

Income Tax : 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...

July 26, 2022 1662 Views 0 comment Print

Unmarried Daughter Can Claim Marriage Expenses from Parents Hindu Law

Corporate Law : Rajeshwari Vs Bhunu Ram (Chhattisgarh High Court) Section 20 of the Hindu Adoptions and Maintenance Act, 1956 speaks about the mai...

April 6, 2022 9969 Views 0 comment Print


Latest Notifications


PPF account of HUF can not be extended beyond 15 Years

Finance : an account opened on behalf of a Hindu Undivided Family prior to the 13th day of May, 2005, shall be closed after expiry of fiftee...

December 16, 2010 9589 Views 11 comments Print

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

Income Tax : 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 im...

October 1, 2009 2398 Views 0 comment Print


Set off of long term capital loss with indexation against long term capital gains without indexation is allowable

January 3, 2010 13624 Views 0 comment Print

Section 70(3) of the Act postulates that for any assessment year where there is a loss in respect of long term capital asset, the asscssee shall be entitled to have the amount of such loss set off against the income, if any fas arrived at under a similar computation) made for the assessment year.

Taxability of gift as Income from Other Sources u/s. 56 [2][vii]

December 13, 2009 14150 Views 2 comments Print

The newly proposed section 56 [2][vii] in the Finance Bill, 2009 is no ‘rosagoola’. When the Hon’ble Finance Minister ‘pronounced’ his budget in the Parliament, there was not even a whisper of reference to this section in his speech. And in this silence, lurked a deadly Bengal Tiger called ‘section 56 [2][vii]’.

Daughter’s right in coparcenary

December 8, 2009 5367 Views 0 comment Print

Since the passing of the Hindu Succession Act, 1956 (‘the Act’), one issue which was constantly agitated by the liberals was regarding the right of a daughter or a married daughter in coparcenary property of a Hindu Undivided Family. Some of the States which took the lead in liberalisation, passed State amendments to the Act, whereby an unmarried daughter married after the specified date was given a right in coparcenary property. Kerala, Karnataka and Maharashtra were some such States.

TDS u/s. 194J in case of transactions by TPAs with Hospitals

November 24, 2009 6593 Views 0 comment Print

The services rendered by hospitals to various patients arc primarily medical services and, therefore, provisions of 194J are applicable on payments made by TPAs to hospitals” etc. Further for invoking provisions of 194J, there is no stipulation that the professional services have to be necessarily rendered to the person who makes payment to hospital. Therefore TPAs who are making payment on behalf of insurance companies to hospitals for settlement of medical/insurance claims etc under various schemes including Cashless schemes are liable to deduct tax at source under section 194J on all such payments to hospitals etc.

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

October 23, 2009 4270 Views 0 comment Print

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 marriage or by way of inheritance.

Availability of exemption u/s 54F on acquisition of land appurtenant to the building or on the investment on land on which building is being constructed

October 22, 2009 2211 Views 0 comment Print

There is no rider u/s 54F that no deduction would be allowed in respect of investment of capital gains made on acquisition of land appurtenant to the building or on the investment on land on which building is being constructed.

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

October 1, 2009 2398 Views 0 comment Print

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 or a Hindu Undivided Family […]

Income tax rates proposed in DTC for Partnership Firm, LLP, Foreign Companies, Domestic Companies, Individual and HUF

August 15, 2009 1211 Views 0 comment Print

For Individuals and Hindu Undivided family The code proposes to exempt the general tax payer from paying income tax if his income is Rs 1,60,000 in a year. He would pay just zero tax till an income of Rs 1,60,000 per year. From income above Rs 1,60,000 till Rs 10 lakh (Rs 1 million), he […]

Proposal related to wealth Tax in Direct Tax code

August 15, 2009 1019 Views 0 comment Print

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 […]

Wealth tax exemption limit raised

July 9, 2009 51430 Views 12 comments Print

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 lakhs. This limit was fixed in 1992.