Income Tax : Distribution of assets on total or partial partition of an HUF is not regarded as a transfer under the Income-tax Act. The key tak...
Income Tax : This guide explains how a Hindu Undivided Family is taxed based on its residential status and the status of its Karta. It highligh...
Income Tax : The 2005 amendment granted daughters equal coparcenary rights in HUF property, including inheritance and partition rights. However...
Corporate Law : Courts recognize oral family settlements if genuine and voluntary. However, lack of evidence or misuse for tax purposes can lead t...
Income Tax : Income transferred without transferring the underlying asset remains taxable in the hands of the transferor. The provisions ensure...
Corporate Law : The Government reaffirmed that HUFs are assessable units solely for income tax purposes and lack corporate status. They cannot col...
Income Tax : Government addresses Supreme Court judgment on tax exemptions for clergy and its implications on Hindu Undivided Families (HUFs) u...
Income Tax : In a move expected to make family settlements and transfer of shares more taxing, the government plans to tighten anti-abuse provi...
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...
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...
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...
Income Tax : ITAT Mumbai rules in favour of Anant Singhania HUF, allowing TDS credit for sale of housing property. The landmark decision provid...
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...
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...
Corporate Law : Rajeshwari Vs Bhunu Ram (Chhattisgarh High Court) Section 20 of the Hindu Adoptions and Maintenance Act, 1956 speaks about the mai...
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...
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...
We have carefully considered the submissions of the rival parties and perused the material available on record. We find that the facts are not in dispute. Under section 194H of the Act any person not being an individual or a Hindu undivided family who is responsible for paying on or after the first day of June 2001 to a resident any income by way of commission or brokerage, shall, at the time of credit of such income to the account of the payee or at the time of payment of such income i
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.incometaxindiaefiling.gov.in).
Explore essential FAQs on family arrangements, including their nature, legality, and differences from partitions. Get clarity on stamping and registration requirements.
Section 80C of the Income-tax Act provides for a deduction of up to Rs. One lakh to an individual or a Hindu undivided family (HUF) for:- (i) making investments in certain savings instruments; or (ii) incurring expenditure on tuition fee and repayment of housing loan.
The Reserve Bank of India (RBI) has clarified that a company in the structure of Hindu undivided family (HUF) cannot access public deposits if it is in the business of finance and on-lending. It can only access funds from relatives and family members. However, companies of such structures can access public deposits (inter-corporate deposits) as defined under the company law if their operation is other than financing.
VALUATION of perquisites has always been a bone of contention. To overcome many of such irritants, the Finance Minister in the Finance Act, 2007 had inserted a deeming provision to define concession in the matter of rent for the purpose of determining the perquisite value. It has also reduced the rate of valuation of perquisite in the nature of concessional rent accommodation and leased accommodation with retrospective effect from 1 st day of April, 2006, that is with effect from assessment year 2006-2007. This had necessitated similar reduction of rates in case of both rent-free and concessional rent accommodations and leased accommodation in Table I of rule 3 with retrospective effect from 1 st day of April, 2006, that is in relation to assessment year 2006-2007 and subsequent years.
THE assessees were the Directors of M/s Hotel AMS Pvt. Ltd., Kondalapatti, Salem. During the course of survey conducted on 16.11.1999 under Section 133A of the Income Tax Act, it was noticed that the company had constructed the hotel with the share capital funds said to have been floated by the Directors. On enquiry with the assessees, the assessees offered a sum of Rs.12,00,000/ – as income, out of which Rs 2,00,000/- each in the name of the assessees and remaining in the name of other members in Hindu Undivided Family.
BRIEFLY stated facts of the case are that the Assessee is a Hindu Undivided Family consisting of Shri P.C. Ramakrishna, his wife and his two daughters. There was an oral total partition of H.U.F. on 16.9.1994 between Sri P.C. Ramakrishna, his wife and two daughters. Under this oral partition, the two daughters were allotted Rs.12,50,000/ – each and these amounts were adjusted against a sum of Rs. 12,50,000/- advanced to each of them earlier as loan by H.U.F. In the said partition, all other properties of H.U.F. were allotted to Sri P.C. Ramakrishna. This oral partition took place on 16.9.1994 which was subsequently confirmed by a Deed of Declaration confirming the partition.
Explore the Supreme Court judgment in the case of CIT Vs. Smt. Sandhya Rani Dutta, addressing pivotal questions on Hindu personal law. The ruling asserts that, according to the Dayabhaga School, a male presence is essential for the constitution of a Hindu Undivided Family (HUF). Delve into the detailed analysis of the case, where the court examines whether female heirs can form a joint Hindu family by agreement and impress upon inherited property the character of joint family property. Gain insights into the court’s interpretation and its impact on income tax assessments for the assessees involved.
