Income Tax : Explore the tax benefits of a Hindu Undivided Family (HUF) in India. Learn about deductions, exemptions, and potential drawbacks o...
Income Tax : Explore the intricacies of Tax Deducted at Source (TDS) under Section 194A for interest payments other than securities. Learn abou...
Income Tax : Discover the intricacies of Income Tax Returns (ITR) in India, from types of forms to required documents and compliance measures, ...
Income Tax : Learn about Section 44AD, a simplified method to compute business income, excluding some entities. Thresholds and tax implications...
Income Tax : Understand Section 139 of the Income Tax Act, its implications on return filing due dates, and the changes for FY 2023-24. Learn a...
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 : 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...
Income Tax : Read the detailed analysis of ITAT Delhi's order regarding capital gains earned from the sale of CCL International shares. ITAT de...
Income Tax : In the Satishbhai Kadvabhai Sarvaiya Vs ITO case, ITAT Rajkot rules that during demonetization, deposits don't warrant addition un...
Income Tax : In the case of Dipak Kumar Agarwal Vs Assessing Officer, Allahabad HC rules that the power of the assessing authority to decide on...
Income Tax : Mumbai ITAT clarifies that action under section 153C can't be based solely on survey material. Detailed analysis of the case and i...
Income Tax : In PCIT vs Inderjit Singh Sodhi (HUF), Delhi High Court examines whether interest on compensation is taxable as income from other ...
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...
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 […]
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 […]
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 of property itself was liable to be quashed.
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 […]
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 Individuals /HUFs. […]
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 […]
Hindu Undivided Family (HUF) : An entity that emerges as a result of customary Law There are different entities which have separate legal existence some of them emerges naturally (like Humans), some of them emerges as a result of incorporation or in simple words registration under any statue (like Companies and Registered Firms) but there […]
In the previous article on HUF, we had discussed about the meaning of HUF, its formation, creation of corpus of HUF and how it can be used as a legal tax saving tool. In one of the ways the corpus of Hindu undivided family can be created by receiving gifts from relatives.
Hindu undivided family has always been a contradictory topic. There have been many judgments passed and challenged. HUF is not defined under The Income Tax Act. But its taxability is covered under the Act. It is created by Hindu, Jains, Sikhs and Buddhists family. The group of individuals must share common roots. Forming an HUF […]
Benefit of Filing Income Tax Return for an individual and HUF, and for whose income is below exemption limit are as follows: 1. Proof of Income/Proof of net worth: The best authentic document in support of claim of income level is the Income tax return of the person. 2. Eligibility in Loan application: Income tax […]
