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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 3645 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 7437 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 7101 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 25896 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 1779 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 4309 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 1025 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 51571 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 1845 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 1008 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 564 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 1716 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 10074 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 9658 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 2416 Views 0 comment Print

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

January 14, 2022 7731 Views 0 comment Print

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, it was open to the Division Bench to follow its earlier decision even without referring the matter to a Larger Bench. The question referred to this Court is, therefore, answered in the affirmative i.e., in favour of the assessee, but against the revenue.

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

December 13, 2021 6948 Views 0 comment Print

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 wherein it has been […]

Impact of Uniform Civil Code on HUF as an income tax Unit

August 27, 2021 6081 Views 2 comments Print

Impact of Uniform Civil Code (UCC)  on Hindu Undivided Family (HUF) as an income tax Unit There is growing demand for implementation of Uniform Civil Code (UCC) in India. In addition to other implications, it will also impact the concept of Hindu Undivided Family as an income tax unit. I thought of writing about its […]

Law relating to partition of HUF

August 10, 2021 17865 Views 8 comments Print

HUF (Hindu Undivided family) is peculiar concept under Hindu Law which is not prevalent in any other religion. All the assets of an HUF are owned collectively by all the members. As the share of each of the members in the HUF assets fluctuates with death and birth in the family, no member can predicate […]

Rights of a Hindu daughter in property

August 7, 2021 10725 Views 4 comments Print

Hindu law is derived from old scriptures and has developed over the years with judicial pronouncements. Some of the laws applicable to Hindu have been codified in 1956 with passing of legislations like Hindu Marriage Act, Hindu Succession Act, 1956, Hindu Adoption an maintenance Act and Hindu Minority and Guardian ship Act. The most important […]

Format of NOC by Female Coparceners to waive off their right/share in HUF property

July 16, 2021 8988 Views 2 comments Print

Format of NOC by Female Coparceners to waive off their right/share in HUF property DECLARATION/NOC BY CO PARCENERS OF HUF To Dear Sir, 1) I/we ……………………………………………( Name of Co-Parceners ) hereby declare that I/we are the Co-Parcener of the HUF ……………….. … (Name of HUF) 2) We all the below mentioned coparceners declare that we […]

Documents required/checklist for GST registration

June 29, 2021 53064 Views 0 comment Print

Article explains Documents required/checklist for GST registration of Proprietorship, Partnership, Hindu Undivided Family,Limited Liability Partnership, Public Limited Company/Private Limited Company/Unlimited Company, Society/Club/Trust/AOP/BOI and Government Department/Local Authority/Statutory Body. The following documents are required to obtain GST registration depending on the types of business or constitution. Documents required/checklist for GST registration of Proprietorship (1) Aadhaar Card of Proprietor (2) […]

Some Important Aspects of HUF under Income Tax Act 1961

April 17, 2021 14247 Views 8 comments Print

HUF means HINDU UNDIVIDED FAMILY. HUF is taxed separately from an individual i.e. its members. Only Hindu, Janis, Buddhists and Sikhs family can come together and form a HUF. HUF is a separate entity under the Income Tax Act and has its own PAN and files Income Tax Returns independent of its member. Hindu Succession […]

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

April 5, 2021 7338 Views 0 comment Print

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 family business. 3. Just because […]

HUF: An entity that emerges as a result of customary Law

March 2, 2021 8991 Views 1 comment Print

Hindu Undivided Family (HUF) : An entity that emerges as a result of customary Law There are different entities which have separate legal existence some of them emerges naturally (like Humans), some of them emerges as a result of incorporation or in simple words registration under any statue (like Companies and Registered Firms) but there […]

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May 2024