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...
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.
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 […]
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.
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.
Equality reaffirmed by the Supreme Court in a recent judgement delivered on August 11, 2020. It has been held that a daughter will have a share under the Hindu Succession (Amendment) Act, 2005, irrespective of whether her father was alive or not at the time of the amendment.
Hindu undivided family (herein called as HUF), is treated an a distinct taxable person as per the Income Tax Act,1961 and assessed separately under the act. As per the Hindu law, an HUF is joint family or undivided family consisting of its family members. If you are a Hindu, a Sikh, a Buddhist or a Jain than you can avail the benefit of these provisions and if possible you should take it.
In this article we shall discuss what is a Hindu Undivided Family (HUF) or Joint Hindu Family (JHF) as per various laws. We shall trace the history and evolution of HUF/JHF and also discover how HUFs can help you save taxes! We shall also discuss on how to form an HUF and what are the various benefits/advantages of forming an HUF.
Daughter shall be a Coparcener of Hindu Family Property. If a Hindu dies, the coparcener property shall be allotted to the daughter as is allotted to sons. If a female coparcener dies before partition, then children of such coparcener would eligible for allotment assuming a partition had taken place immediately before her demise. No recovery is made for ancestors dues from son, grandson, or great grandson by applying doctrine of pious obligation.
Income Tax Act provides a special status to HUF under the Act and covers it in the definition of person u/s 2(31) of the Act. The Hindu Undivided Family (HUF) has not been defined under Income Tax Act, 1961, however, as per Hindu Law A Hindu Undivided Family (HUF) is ordinarily joint not only in estate but in food and worship. The members of a Hindu Family live in a state of union, unless the contrary is established.
The Hindu Undivided Family can best be defined as a family that consists of a common ancestor and all his lineal male descendants and their wives and unmarried daughters. The Hindu Undivided Family (HUF) cannot be created by acts of any party. The only exceptions are in the case of an adoption or a marriage when a stranger may become a HUF member. An undivided family, which is a normal condition of Hindu society, is ordinarily joint, not only in estate but also in food and worship.
