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Can Married Daughter Demand Partition of HUF?

February 24, 2009 By taxworry Leave a Comment

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Excerpt: 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, amendment to Hindu Succession Act brought some drastic changes in the concept . Section 6 and section 30 of Hindu Succession Act were amended to provide that interest in coparcenary property of male member can be disposed off by will or other testamentary disposition.Amended…

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

August 21, 2007 By taxworry Leave a Comment

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Excerpt: 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. But the bank says that my wife, Priyanvada, cannot be an account holder because she cannot be a member / co-parcener of HUF. As per their opinion, wife cannot be a member of HUF, but a son is. How can it be, because my mother…

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

June 16, 2007 By taxworry Leave a Comment

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Excerpt: 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 chargeable to tax under the I T Act. However, transfer of assets from HUF to its members is special case . There is express provision under the I T Act which says that the distribution of capital asset on total or partial partition of HUF…

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Is One Male Member Enough For HUF?

April 28, 2007 By taxworry 1 Comment

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Excerpt: Whether a person with wife and two daughters only can have HUF?njakhotia@……comWhether 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 concept of HUF is very simple codified in Hindu law .A Hindu joint family consists of lineally descended persons -like Great Grand father, Grand father ,father,uncle,son etc.All these persons have right over common ancestral property by birth. The dictum that once Hindu undivided family always…

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Junior Member Can Become Karta Of HUF!

April 2, 2007 By taxworry Leave a Comment

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Excerpt: 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 declared to the IT authorities and how do I get a new PAN? Should the old PAN be cancelled?My child is a month old. Should addition of members in the HGUF be declared to the IT authorities? visva.neurosurgeon@gmail.com It is presumption under Hindu Law, that senior…

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

October 24, 2006 By taxworry Leave a Comment

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Excerpt: Someone Asked on this blog-24/10/06See , 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 HUF. Any income which has already been taxed can not be taxed in your hand.Hence its not taxable in your hand.Treat the profit of HUF as profit of any of your relative may be your wife, son or any body. Those persons are taxed separately…

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