HUF - Page 5

Save Income Tax- Form Your HUF

Hindu Undivided Family (HUF) is known to be a very good tax saving tool in India in an ethical & compliant way. Though it is not so widely used by the people as it could have been. Let’s understand who can form an HUF & how is it taxed under the Income Tax Act: Formation […]...

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Posted Under: Income Tax |

All About HUF – A Clear Approach

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 […]...

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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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Co-coparcener cannot challenge sale made by Karta of HUF due to legal necessity

Kehar 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 one of the co­-coparceners along with ...

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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...

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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....

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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....

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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....

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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....

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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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September 2021