Income Tax : Section 54 grants exemption on long-term capital gains from the sale of a residential house because the proceeds are reinvested in...
Income Tax : This guide explains when gifts received by individuals and HUFs become taxable under the Income-tax Act, including monetary, movab...
Income Tax : The 2005 amendment granted daughters equal coparcenary rights in HUF property, including inheritance and partition rights. However...
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 : While HUF offers tax advantages, salaried individuals often lack valid corpus. The analysis explains why benefits may be limited i...
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...
CA, CS, CMA : Explore recent updates on corporate tax rates, MSME concerns over tax deductions, and GST rates for shawls as addressed in Lok Sab...
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 : While accepting “Application for allotment of PAN (Form 49A)” if both the addresses (residence and office) are mentioned in th...
Income Tax : The Tribunal upheld addition under Section 69 as the assessee failed to establish that the LIC investment belonged to the HUF. Mer...
Income Tax : The ITAT set aside the CIT(A)’s order taxing Rs. 10 lakh received from HUF, emphasizing verification of the gift and HUF status ...
Income Tax : The ITAT deleted a capital gains addition, ruling that the use of an individual's PAN during a property sale cannot legally overri...
Income Tax : ITAT Surat remands case to CIT(A) for fresh adjudication on HUF gift taxability under Section 56(2)(vii) of the Income Tax Act, ci...
Income Tax : ITAT Bangalore held that dismissal of appeal by CIT(A) merely because the same was filed belatedly not justified as CIT(A) failed ...
Income Tax : The new tax regime introduces Form 121 as a single declaration replacing Forms 15G and 15H. It simplifies TDS exemption compliance...
Fema / RBI, Finance, Income Tax : Provided further that an account opened on behalf of a Hindu Undivided Family prior to the 13th day of May, 2005, shall be closed ...
Income Tax : Notification No. 49/2010-Income Tax In a recent Notification No. 49/2010 dated 9 July 2010 (Notification) issued by the Central Bo...
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...
Explains how a properly structured HUF can access separate exemptions and threshold benefits. Takeaway: Formal setup and eligible funding are critical for compliance.
The law recognises a Hindu Undivided Family as a creature of birth, not agreement, with the Karta deriving authority solely from coparcenary status. Management rights arise by operation of Hindu law and cannot be created or transferred by consent.
Income from property blended into an HUF remains taxable in the individual’s hands under section 64(2). The ruling highlights that blending cannot be used as a tool for income shifting.
The ITAT set aside the CIT(A)’s order taxing Rs. 10 lakh received from HUF, emphasizing verification of the gift and HUF status before determining taxability under section 56(2)(vii).
Family settlements resolve property disputes across all Indian families. Understand validity, the broad scope of ‘family,’ and why registration is essential for immovable property.
The ITAT deleted a capital gains addition, ruling that the use of an individual’s PAN during a property sale cannot legally override clinching documentary evidence proving ownership by an HUF and a Trust. Legal ownership (Will, sale deed, bank receipts) prevails over a mere technicality.
Understand Hindu Undivided Family (HUF) tax rules for asset transfers, including gifts from members and non-relatives, and how clubbing provisions affect income.
Learn how a Hindu Undivided Family (HUF) can help optimize taxes on capital gains and trading income. Understand its structure, tax treatment, audit rules, and compliance.
Explore methods for Indian EB5 applicants to source funds, including HUF, stocks, property, and overseas assets, and navigate associated regulations.
Check TDS and TCS rates for FY 2025-26 (AY 2026-27) for residents and non-residents. Includes thresholds, rates, and key sections for easy reference.
