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Income Tax - I believe you must have heard of Hindu Undivided Family (HUF). Most of the people think that this is a person which are created by some kind of Agreements etc. Well, if you are also one of them then it’s time to bust your myth about that. Because the fact is something far different from […]...
Read MoreIncome Tax - There is an existing provision for deduction of TDS (deduction of tax at source) under section 194-I in the Income Tax Act, 1961 for individuals/HUFs, wherever tax audit is applicable....
Read MoreIncome Tax - There is a misconception among people that an HUF can come into existence only if it owns any assets. An HUF and HUF assets are two different concepts. It is not necessary that an HUF should have an asset for coming into existence. There may be situation where an HUF exists on the basis of existence of persons but it may not own any asse...
Read MoreIncome Tax - After my article on tax benefits available to a Hindu Undivided Family (HUF) some of my friends have requested me to write more on the legal aspect of the HUF. This article deals with the legal aspect of an HUF....
Read MoreIncome Tax - Permanent Account Number (PAN) is a ten-digit alphanumeric identifier, issued by Income Tax Department. Each assessee (e.g. individual, firm, company etc.) is issued a unique PAN....
Read MoreIncome 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 a sworn affidavit declaring the donor your kin.The Central Board of Direct Taxes has ruled that any such gift will be taxable for the donee unless it is from relatives or given during occasions such as marriag...
Read MoreIncome Tax - While accepting “Application for allotment of PAN (Form 49A)” if both the addresses (residence and office) are mentioned in the application form and office address has been selected as communication address, then POA has to be collected for residence as well as office address....
Read MoreIncome Tax - Section 80C of the Income-tax Act provides for a deduction of up to Rs. One lakh to an individual or a Hindu undivided family (HUF) for:- (i) making investments in certain savings instruments; or (ii) incurring expenditure on tuition fee and repayment of housing loan. ...
Read MoreKehar Singh (D) Thr. L.Rs. & Ors.Vs Nachittar Kaur & Ors. (Supreme Court) - Kehar Singh (D) Thr. L.Rs. & Ors.Vs Nachittar Kaur & Ors. (Supreme Court of India) Once the factum of existence of legal necessity stood proved, then, in our view, no co-coparcener (son) has a right to challenge the sale made by the Karta of his family. The plaintiff being a son was...
Read MoreGyanchand M. Bardia Vs. The Income Tax Officer (ITAT Ahmedabad) - 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 specifi...
Read MoreSubodh Gupta (HUF) Vs Pr CIT (ITAT Delhi) - While hearing the case of Subodh Gupta vs Commissioner of Income Tax (CIT), Delhi bench of Income Tax Appellate Tribunal (ITAT) recently held that gift received by Hindu Undivided Family (HUF) from the mother of Karta would attract Income Tax. ...
Read MoreDCIT Vs Ateev V. Gala (ITAT Mumbai) - 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...
Read MoreShri. Deen Dayal Kothari Vs Income Tax Officer, (ITAT Chennai) - 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....
Read MoreRBI/2010-11/344 DGBA. CDD. No. H-4311/15.02.001/2010-11 - (27/12/2010) - Provided further that an account opened on behalf of a Hindu Undivided Family prior to the 13th day of May, 2005, shall be closed after expiry of fifteen years from the end of the year in which the initial subscription was made and the entire amount standing at the credit of the subscriber shall be ...
Read MoreNotification No. 49/2010-Income Tax - (09/07/2010) - Notification No. 49/2010-Income Tax In a recent Notification No. 49/2010 dated 9 July 2010 (Notification) issued by the Central Board of Direct Taxes, modifying the permitted modes of filing return of income (ROI) for (i) companies and (ii) individuals and Hindu Undivided Families (HUF) which are li...
Read MorePRESS RELEASE No.402/92/2006-MC - (30/09/2009) - 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 immovable property or any other property, the value of which exceeds Rs.50,000 (rupees fifty thousand), will become taxable in the hands of the donee, being an individual o...
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Kehar Singh (D) Thr. L.Rs. & Ors.Vs Nachittar Kaur & Ors. (Supreme Court) -
Gyanchand M. Bardia Vs. The Income Tax Officer (ITAT Ahmedabad) -
