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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 11250 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 3696 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 747 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 7533 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 7215 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 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 4312 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 51577 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 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 1011 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 567 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 1719 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 10080 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 9661 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

The Concept of will

February 23, 2018 44727 Views 3 comments Print

A Will becomes enforceable only after the death of the testator. It gives absolutely no rights to the legatee (the person who inherits) until the death of the testator. It has no effect during the lifetime of the testator. A testator can change his Will, at any time, in any manner he deems fit.

Section 56(2)(vii) HUF can’t be treated as a ‘Donor’ of Gift

February 21, 2018 15561 Views 1 comment Print

Gyanchand M. Bardia Vs. ITO (ITAT Ahmedabad) The first dispute between the parties is qua validity of assessee’s gift claim as received from the HUF amounting to Rs. 1,02,00,000/- coming through banking channel. Both the lower authorities are of the view that an HUF does not come under the specified category of a relative in […]

What happens if a person dies without a will? How Hindu Succession Act Applies?

February 1, 2018 6975 Views 1 comment Print

A written and a registered Will, is the best and most convenient way for you to pass on your estate to the persons whom you want to.

Applicability of Hindu Succession Law when a person dies unwilled

December 31, 2017 7374 Views 1 comment Print

When a person dies unwilled, then The Hindu Succession Act, 1956 applies for division of wealth. This law applies to Hindus, Jains, Buddhists and Sikhs. Money is so powerful that relation doesn’t take time to break. Family members can really fight over the issue of who gets how much out of the wealth and a lot of times unexpected things happen. Even people you never thought can suddenly appear claiming their share in the wealth.

Gift received from a HUF by a member of HUF is exempt from tax

May 20, 2017 66957 Views 2 comments Print

Relative explained in Explanation to section 56(2)(vi) of the Act includes relatives and as the assessee received gift from his HUF, which is a group of relatives, the gift received by the assessee from the HUF should be interpreted to mean that the gift was received from the relatives therefore the same is not taxable under section 56(2)(vi) of the Act, we hold accordingly.

Sale of Land of HUF after Death of Karta is assessable in HUF’s hand

March 31, 2017 2382 Views 0 comment Print

What has been sold was ancestral agricultural land which belongs to the HUF and it has been brought to tax in the hands of HUF after the death of Sh. Amarchand. There is no partition of HUF and there is no finding of any partition given by the Assessing Officer u/s 171 of the Act.

Assessment of Individual cannot be done by issuing notice on HUF

March 3, 2017 3399 Views 0 comment Print

An ‘individual’ and an ‘HUF’ are different persons under the Income Tax Act, and notice to one cannot be deemed as notice to the other.

How setting up of an HUF can minimize tax liability

September 23, 2016 6958 Views 1 comment Print

The expression hindu undivided family has not define under the income tax act or in any other statue. A Hindu undivided family is a separate legal tax entity under the provisions of Sec.2(31) of the income tax act 1961. It is a body consisting of persons lineally descended from a common ancestor and include their wifes and unmarried daughters.

HUF as partner in partnership firm vis-à-vis Income Tax Act

July 5, 2016 99493 Views 1 comment Print

The Hon’ble Supreme Court in Ram Laxman Sugar Mills vs. CIT [1967] 66 ITR 613 observed that a HUF is undoubtedly a Person with in the meaning of section 2(31), it is however not a juristic person for all purposes and cannot enter in to an agreement of partnership either with another HUF or Individual.

Women can be Karta of HUF: Delhi High Court

December 22, 2015 11437 Views 0 comment Print

In a judgment that is expected to have far reaching ramifications, the Delhi High Court has ruled that a female member of a Hindu Undivided Family can also be the ‘karta’. Falling prey to the patriarchal system, this role of leadership has been traditionally inherited by men of the household.

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May 2024