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TAXATION OF HINDU-UNDIVIDED FAMILY

Income Tax - Tax Liability in special Circumstances / Specific Cases - 07 - Hindu[i] Undivided family (HUF) is treated as a separate entity for the purposes of assessment under the Income-tax Act. HUF does not arise from a contact. HUF is a creation of law. After marriage, as soon as a child is born, HUF comes into existence. HUF consist of Father, sons and daughters, wife is not the part of the HUF. Sons and daughters and the father i.e. Karta are the co-parceners in the joint family and have a .....

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uch gifts are void-ab-initio. The gifted property shall be included in the wealth of HUF and not the done. Similarly, the income from gifted properties shall be taxable in hands of HUF and not the donee. The provisions of computing income of HUF are the same for a normal assessee. As per section 47 of the Income-tax Act, no capital gains shall arise to the HUF on distribution of assets on partition of HUF. As per section 49(1) of Income-tax Act, where assets are distributed on partition of HUF, .....

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ation is paid by the Hindu undivided family to the Karta or any other member for services rendered by him in conducting family s business, the remuneration is deduction If remuneration is: Paid under a valid and bona fide agreement. In the interest of and expedient for the business of family; and Reasonable and not excessive. There can be two types of partitions: Total partition Partial partition Total Partition: Where all the properties of the family are divided amongst all the constituents of .....

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creation of separate taxable units of HUF through will in favour of HUF or gift to HUF; Through family settlement / arrangement; By payment of remuneration to the Karta and other members of the HUF; By use of loan from HUF to the members of the HUF; Through gift by HUF to its members specially to the female members; Through other methods / devices; The aforesaid methods / devices are discussed in detail below as follows: BRANCHES OF HUF An HUF can have several branches or sub-branches. For exam .....

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e; by partition of bigger HUF or by gifts from any member of the family or even by a stranger or by will with unequivocal intention of the donor or the testator that the said gift or bequest will form the joint family property of the donee or the testatee. An HUF can be composed of a large number of branch families, each of the branch itself being an HUF and so also the sub-branches of more branches. JOINT FAMILY PROPERTY : The following types of properties are generally accepted as joint family .....

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