HUF

Format of NOC by Female Coparceners to waive off their right/share in HUF property

Income Tax - Format of NOC by Female Coparceners to waive off their right/share in HUF property DECLARATION/NOC BY CO PARCENERS OF HUF To Dear Sir, 1) I/we ……………………………………………( Name of Co-Parceners ) hereby declare that I/we are the Co-Parcener of the HUF ……………….. … (Name of HUF) 2) We all the below mentio...

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Income Tax Return Forms for Individual & HUF For AY 2021-22

Income Tax - 1. ITR – 1 (SAHAJ) – Applicable for Individual– This form is applicable for a Resident (other than Not Ordinarily Resident) Individual having Total Income from any of the following sources upto Rs. 50 lakh. ♦ Salary/Pension ♦ One House Property ♦ Other sources ♦ Agricultural Income upto Rs.5000. But, this ITR – 1 cannot [&...

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Documents required/checklist for GST registration

Income Tax - Article explains Documents required/checklist for GST registration of Proprietorship, Partnership, Hindu Undivided Family,Limited Liability Partnership, Public Limited Company/Private Limited Company/Unlimited Company, Society/Club/Trust/AOP/BOI and Government Department/Local Authority/Statutory Body. The following documents are required...

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Hindu Undivided Family, A Planning To Save Tax

Income Tax - As per the definition of ‘Person’ under section 2(31) of the Income Tax Act, 1961, which includes : (i) an individual, (ii) a Hindu Undivided Family, (iii) a company (iv) a firm, (v) an association of persons or a body of individuals, whether incorporated or not, (vi) a local authority, (vii) every artificial juridical person, not [&...

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Gift given by HUF to its Member is Considered as Income of Member?

Income Tax - We all know that Gift Tax Act which was introduced from 1st April, 1958 in our country as direct tax, which was repealed from 1st October, 1998. Any person receives Gift from any other person, would be consider as income of the recipient as per section 56(2)(x) with certain exemptions. Section 56(2)(x) was inserted by […]...

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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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Hindu personal law requires presence of a male for constitution of HUF: SC

CIT Vs. Smt. Sandhya Rani Dutta (Supreme Court) - CIT Vs. Smt. Sandhya Rani Dutta (Supreme Court) The principal question that we are concerned with here is the capacity of Hindu females to form among themselves a Hindu undivided family. No authorities to support this are brought to our notice; indeed they cannot be, for the concept appears to us to...

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Mere partition between joint family members cannot terminate HUF status

Sri. A.P. Oree Vs ITO (Madras High Court) - Sri. A.P. Oree Vs ITO (Madras High Court) Any partition between the members of the joint family   cannot terminate the status of HUF unless it is shown that the joint family property was physically divided in accordance with the agreement or decree of the court.  It is the contention of the Income...

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Section 147 Assessment order passed on Individual for Property of HUF liable to be quashed

Alugaddala Kistaiah Pandu Vs ITO (ITAT Hyderabad) - The property was conveyed to assessee after the death of his father in 1955, i.e. before coming into force of Hindu Succession Act, 1950. Accordingly, the property belonged to HUF of assessee and not to assessee-individual. Therefore, the assessment order passed under section 147 for difference in s...

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Inability to reply email notices due to computer illiteracy is genuine reason

B. M. Sarin Vs ACIT (ITAT Delhi) - In the given case, the Karta of the HUF, Mr. BM Sarin is more than 70 years old and has closed his business. The notices were sent through emails but the assessee being a senior citizen could not look into those emails....

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Assessment proceedings cannot be conducted against HUF after partition

Shri S. Krishnappa (HUF) Vs DCIT (ITAT Bangalore) - The issue raised by the assessee that the HUF was not in existence when the assessment proceedings have been conducted and the Assessment Order has been passed on HUF and therefore, the entire proceedings are rendered null and void and it should be held that the Assessment Order is bad in law on the...

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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"

Hindu personal law requires presence of a male for constitution of HUF: SC

CIT Vs. Smt. Sandhya Rani Dutta (Supreme Court)

CIT Vs. Smt. Sandhya Rani Dutta (Supreme Court) The principal question that we are concerned with here is the capacity of Hindu females to form among themselves a Hindu undivided family. No authorities to support this are brought to our notice; indeed they cannot be, for the concept appears to us to be alien to […]...

Read More

Format of NOC by Female Coparceners to waive off their right/share in HUF property

Format of NOC by Female Coparceners to waive off their right/share in HUF property DECLARATION/NOC BY CO PARCENERS OF HUF To Dear Sir, 1) I/we ……………………………………………( Name of Co-Parceners ) hereby declare that I/we are the Co-Parcener of the HUF ……………….. … (Name of HUF) 2) We all the below mentio...

Read More

Income Tax Return Forms for Individual & HUF For AY 2021-22

1. ITR – 1 (SAHAJ) – Applicable for Individual– This form is applicable for a Resident (other than Not Ordinarily Resident) Individual having Total Income from any of the following sources upto Rs. 50 lakh. ♦ Salary/Pension ♦ One House Property ♦ Other sources ♦ Agricultural Income upto Rs.5000. But, this ITR – 1 cannot [&...

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Documents required/checklist for GST registration

Article explains Documents required/checklist for GST registration of Proprietorship, Partnership, Hindu Undivided Family,Limited Liability Partnership, Public Limited Company/Private Limited Company/Unlimited Company, Society/Club/Trust/AOP/BOI and Government Department/Local Authority/Statutory Body. The following documents are required...

Read More

Hindu Undivided Family, A Planning To Save Tax

As per the definition of ‘Person’ under section 2(31) of the Income Tax Act, 1961, which includes : (i) an individual, (ii) a Hindu Undivided Family, (iii) a company (iv) a firm, (v) an association of persons or a body of individuals, whether incorporated or not, (vi) a local authority, (vii) every artificial juridical person, not [&...

Read More

Mere partition between joint family members cannot terminate HUF status

Sri. A.P. Oree Vs ITO (Madras High Court)

Sri. A.P. Oree Vs ITO (Madras High Court) Any partition between the members of the joint family   cannot terminate the status of HUF unless it is shown that the joint family property was physically divided in accordance with the agreement or decree of the court.  It is the contention of the Income Tax Department […]...

Read More

Section 147 Assessment order passed on Individual for Property of HUF liable to be quashed

Alugaddala Kistaiah Pandu Vs ITO (ITAT Hyderabad)

The property was conveyed to assessee after the death of his father in 1955, i.e. before coming into force of Hindu Succession Act, 1950. Accordingly, the property belonged to HUF of assessee and not to assessee-individual. Therefore, the assessment order passed under section 147 for difference in sale consideration and fair market value ...

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Gift given by HUF to its Member is Considered as Income of Member?

We all know that Gift Tax Act which was introduced from 1st April, 1958 in our country as direct tax, which was repealed from 1st October, 1998. Any person receives Gift from any other person, would be consider as income of the recipient as per section 56(2)(x) with certain exemptions. Section 56(2)(x) was inserted by […]...

Read More

Alternative Tax Regime for Individuals/HUFs under Section 115BAC

Dear Friends, we know that income of Individuals/HUFs are taxable as per progressive tax slabs. The maximum rate of tax payable is @30%, when income of Individual/HUF exceeds Rs. 10.00 Lakhs in relevant previous year. The Central Government has inserted Section 115BAC with effect from AY 2021-22 to provide Optional Tax Regime to Individua...

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Some Important Aspects of HUF under Income Tax Act 1961

HUF means HINDU UNDIVIDED FAMILY. HUF is taxed separately from an individual i.e. its members. Only Hindu, Janis, Buddhists and Sikhs family can come together and form a HUF. HUF is a separate entity under the Income Tax Act and has its own PAN and files Income Tax Returns independent of its member. Hindu Succession […]...

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