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As far as Income Tax Act is concerned, the partition of the HUF is not complete unless the Assessing Officer passes an order u/s 171(3) of the I T Act. In many case , the assessee on partition of the HUF just inform the Income Tax department and thinks that since nothing happened from the...
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....
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....
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...
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....
Deduction u/s 80E of the Income Tax Act is allowed to individuals who takes education loans for … [Read More...]
The proposal of Cyprus government to impose a 7.5% tax on all money kept in fixed deposits in the … [Read More...]
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