HUF

Ownership and succession of HUF assets

Income 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...

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Legal Aspect of an HUF

Income 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....

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PAN Meaning, Significance, who can apply & Procedure

Income 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....

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What are the tax benefits available to an HUF?

Income Tax - Being a separate tax entity an HUF enjoys certain tax benefits along side the individual also claming it which I am going to explain this article....

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Creation of HUF – Tax Planning Advantage

Income Tax - Tax Planning is an important agenda of any individual. People often end up paying taxes even after exhausting their limits under Section 80C, 80 D and so on. However, do you know that a very important tool which is often overlooked, is formation of a HUF, which is a legitimate way of reducing your tax liability....

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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 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...

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Revised procedure for acceptance of address proof alongwith PAN application

Income 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....

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Post Office Deposit now Eligible for Deduction Under Section 80C

Income 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. ...

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

Gyanchand 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...

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ITAT explains Meaning of term “relative” in context of HUF

Subodh 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. ...

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

DCIT 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...

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Assessment of Individual cannot be done by issuing notice on HUF

Shri. 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....

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Women can be Karta of HUF: Delhi High Court

Mrs. Sujata Sharma Vs Shri Manu Gupta (Delhi High Court) - 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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Public Provident Fund Scheme, 1968 Amendment to Section 9(3) of Scheme

RBI/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 ...

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CBDT notifies mandatory e-filing of return with digital signature for companies

Notification 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...

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Gifts of property (gifts-in-kind) above value of rs.50,000 become taxable from 1st October 2009

PRESS 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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Recent Posts in "HUF"

Ownership and succession of HUF assets

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 More
Posted Under: Income Tax |

Legal Aspect of an HUF

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 More
Posted Under: Income Tax |

PAN Meaning, Significance, who can apply & Procedure

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 More
Posted Under: Income Tax |

What are the tax benefits available to an HUF?

Being a separate tax entity an HUF enjoys certain tax benefits along side the individual also claming it which I am going to explain this article....

Read More
Posted Under: Income Tax |

Creation of HUF – Tax Planning Advantage

Tax Planning is an important agenda of any individual. People often end up paying taxes even after exhausting their limits under Section 80C, 80 D and so on. However, do you know that a very important tool which is often overlooked, is formation of a HUF, which is a legitimate way of reducing your tax liability....

Read More
Posted Under: Income Tax | ,

Section 80D Deduction for Mediclaim Insurance Premium

Section 80D: Deduction Under Section 80D for Mediclaim Insurance Premium to Individual, HUF, Senior Citizens....

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Posted Under: Income Tax | ,

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

Gyanchand 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 specified category of a relative in […]...

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How to save more tax by Creating a HUF?

The Income Tax Act 1961 provides that a HUF (Hindu Undivided Family) is separate unit like an individual and is too assessed accordingly. A HUF is eligible for those exemptions that are available to a resident Indian who is not a senior citizen. It can own property and also have its own business....

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Posted Under: Income Tax |

ITAT explains Meaning of term “relative” in context of HUF

Subodh 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. ...

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Posted Under: Income Tax |

TDS On Payment Of Rent More Than Rs. 50,000 Per Month By Individuals/ HUFs

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....

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Posted Under: Income Tax |

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