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...
Income Tax : HUF allows families to create a separate tax entity with its own PAN and ITR, enabling income splitting and slab-wise benefits. Th...
Income Tax : The Income-tax Act 2025 introduces the new tax regime as the default taxation method for individuals and certain entities. Taxpaye...
Income Tax : This explains how an HUF is recognised as a separate taxable entity and how it is taxed. The key takeaway is that HUF remains a la...
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...
Government addresses Supreme Court judgment on tax exemptions for clergy and its implications on Hindu Undivided Families (HUFs) under the Income Tax Act.
Introduction A Hindu Undivided Family (HUF) is a distinct legal entity recognized by the Indian tax system. It is essentially a family unit consisting of individuals who are lineal descendants of a common ancestor. The HUF is treated as a separate taxable entity, offering various tax benefits. A key feature of an HUF is the […]
Learn about the partition of Hindu Undivided Family (HUF), its legal process, tax implications under Section 171, and the criteria for recognition by tax authorities.
Learn how Section 80D offers additional deductions on health insurance premiums for individuals and HUFs. Maximize tax savings under the old tax regime.
Explore the tax benefits of a Hindu Undivided Family (HUF) in India. Learn about deductions, exemptions, and potential drawbacks of this unique legal entity.
HUF acts as an effective tax planning instrument. HUF stands for Hindu Undivided Family. HUF is considered as separate legal entity separate from its members. HUF is a family structure created for tax saving by pooling of assets/ investments.
Learn about Hindu Undivided Family (HUF), its formation, composition, tax benefits, and ways to reduce tax outgo through HUF in this comprehensive overview.
In a groundbreaking decision, the Delhi High Court allows women to serve as Karta in Hindu Undivided Families, promoting gender equality and transforming family dynamics.
Explore the intricacies of residential status under the Income Tax Act in India. Learn about individual and HUF classifications, conditions, and recent amendments.
ITAT Delhi’s decision regarding applicability of Section 56(2)(vii)(b) to companies before April 1, 2017 in case of Rhythm Polymers Pvt. Ltd. vs. PCIT.
