Can Married Daughter Demand Partition of HUF?

A Hindu Undivided Family has members and some members have more rights than other members. Those members who have more right-that is right to demand partition- are known as Coparceners. As per Hindu law, while women were granted membership of a family , only male members could have the right of partition of the HUF.
However, [...]

What Is The Difference Between A Member & A Coparcener of An HUF?

I was a member of HUF of which my father was Karta. My mother & myself were co-parceners. Recently, we have made partition & new HUF is formed of which I am Karta. My wife, Priyanvada, & my son, Pratik, are the co-parceners of this new HUF.I want to open HUF saving account in bank. [...]

Is Distribution Of Capital Assets by HUF to Its Memebers Taxable?

If a house-property belonging to an HUF is divided (in 4 portion) and then transferred to Karta and his 3 sons, what will be the tax impact of this transaction in the hands of HUF and each of the co-parcener?viki1102@……com

The house property is a capital asset. Its transfer result in capital gains which is [...]

Is One Male Member Enough For HUF?

Whether a person with wife and two daughters only can have HUF?njakhotia@……com

Whether only one male member is suffice to form an HUF is now legally well settled as per decision of Supreme Court in case of Gowli Buddana vs CIT (1966) 60 ITR 293 . An HUF is no different than a joint property. The [...]

Junior Member Can Become Karta Of HUF!

My father is the Karta of the HUF which has been in operation for a few decades. He is 83 years old. In view of his old age, can he transfer the Karta ship to me? I am 31 years old, married with a child. What is the procedure for the same? Should this be [...]

I am a salaried person & karta of HUF. I want to know whether profit of HUF will be added in my yearly income.

Someone Asked on this blog-24/10/06
See , the HUF is a separate entity i.e person for I.T Act. Hence, whatever is the profit of HUF, a separate return has to be filed in the status of HUF.Therefore the profit of the HUF is taxable separately .You will sign the return as you are the Karta of [...]