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Smart Tax Planning Through the Creation of an HUF

Income Tax : HUF acts as an effective tax planning instrument. HUF stands for Hindu Undivided Family. HUF is considered as separate legal entit...

May 21, 2024 16587 Views 4 comments Print

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 3813 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 759 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 7686 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 7512 Views 0 comment 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 1785 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 4324 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 1031 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 51634 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 1451 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 1851 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 1026 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 579 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 1746 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 10113 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 9673 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 2422 Views 0 comment Print

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

March 2, 2021 9009 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 […]

All about HUF and Its Taxability

January 27, 2021 38661 Views 11 comments Print

Hindu undivided family has always been a contradictory topic. There have been many judgments passed and challenged. HUF is not defined under The Income Tax Act. But its taxability is covered under the Act. It is created by Hindu, Jains, Sikhs and Buddhists family. The group of individuals must share common roots. Forming an HUF […]

HUF: A Tax Planning Instrument

December 19, 2020 52737 Views 12 comments Print

HUF can be used as an efficient tax saving tool that can be used to reduce taxes by proper Tax Planning. The notion of HUF Hindu undivided family) is particularly relevant In India since joint families exist in Indian culture where an individual’s income is also taxed as joint income. Income is charged on family […]

Daughter in law has right to stay in a suit property or not to be decided on basis of evidence

November 3, 2020 17025 Views 0 comment Print

Satish Chander Ahuja Vs Sneha Ahuja (Supreme Court) Conclusion: Suit filed in civil court for mandatory and permanent injunction was fully maintainable and the issues raised by assessee-father-in-law as well as by daughter-in-law claiming a right under Section 19 were to be addressed and decided on the basis of evidence, which was led by the […]

Family Arrangement Overview

October 16, 2020 35136 Views 0 comment Print

Meaning of Family Settlement/Arrangement In the case of Sk Satter Sk. Mohd. Choudhary. Gundappa Amabadas Bukate, AIR 1997 SC 998, the Apex Court relying upon the definition of Family Arrangement in Halsbury’s Laws of England held that a family arrangement is intended to be generally and reasonably for the benefit of the family either by compromising doubtful […]

Avoid gifts in cash to stay outside taxman’s radar

October 13, 2020 2917 Views 0 comment Print

Under the latest provisions, any sum of money received without consideration (in excess of Rs 50,000), by an individual or Hindu Undivided Family (HUF), during a financial year, are taxable in the hands of the recipient. For the purpose of computation of the threshold limit of Rs 50,000, the aggregate value of gifts received from all sources by the recipient needs to be considered.

Daughters can be Karta of HUF & have same rights & liabilities as sons

September 1, 2020 24244 Views 4 comments Print

A Hindu Undivided Family (HUF) is known as a Joint Hindu Family under the Hindu Law. It comprises all persons lineally descended from a common ancestor and living under a common roof and joint in estate, food and worship. Yet, an HUF can exist without holding any property. There are two schools of law governing HUF in India: Mitakshara and Dayabhaga. West Bengal is the only state in India which follows the Dayabhaga school of law.

हिंदू अभिवाजित परिवार

August 30, 2020 17250 Views 2 comments Print

 आयकर कानून में हिंदू अभिवाजित परिवार पर एक स्वतंत्र इकाई के रूप में कर निर्धारण होता है आयकर अधिनियम में हिंदू अभिवाजित परिवार को परिभाषित नहीं किया गया है परन्तु इसका अर्थ हिन्दुओ के अभिवाजित परिवार से है हिन्दू लॉ के अनुसार हिंदू अभिवाजित परिवार से आशय उन सभी व्यक्तियों से है जो एक ही पूर्वज के वंशज हो इसमें इनकी […]

Impetus to start-ups – a tax and regulatory perspective

August 28, 2020 3303 Views 0 comment Print

In todays environment, start-ups are crucial as they focus on innovation, lead to employment generation and promote research and development. As per recent study conducted by IBM and Oxford, 90% of India’s start-ups fail within the first five years despite Indias entrepreneurial strengths.

Daughter’s Right in Ancestral Property from Retrospective Effect

August 16, 2020 8421 Views 0 comment Print

In a significant judgment on Tuesday, the Supreme Court of India ruled that a daughter will have a share in her ancestral property after the Hindu Succession (Amendment) Act, 2005 irrespective of the fact whether her father was alive or not at the time of the amendment.

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