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TAXATION OF HINDU UNDIVIDED FAMILY

Income Tax - Tax Liability in special Circumstances / Specific Cases - 07 - Hindu 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 contract. 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 coparcener of the HUF, but she is the member of HUF. Such married female has a coparcenary interest in her father&# .....

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non-coparceners. Any gifts made by HUF are void-ab-initio. Therefore, if HUF property is gifted by HUF, then such 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 49(1) of Income-tax Act, where assets are distributed on partition of HUF, then the cost of .....

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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. Total Partition: Where all the properties of the family are divided amongst all the constituents of the family, and the family ceases to exist as HUF, it is known as total partition. Follow .....

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Through other methods / devices; BRANCHES OF HUF An HUF can have several branches or sub-branches. For example, if a person has his wife and sons, they constitute an HUF. If the sons have wives and children, they also constitute smaller HUFs. If the grandsons also have wives and children, then even they will also constitute still smaller or sub-branch HUFs. As stated above, the HUF is a creature of Hindu Law and these entities are HUFs alongwith the bigger HUF of the father or the grandfather. .....

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e branches. JOINT FAMILY PROPERTY : The following types of properties are generally accepted as joint family property : Ancestral property; Property allotted on partition; Property acquired with the aid of joint family property; Separate property of a co-parcener blended with or thrown into a common family hotchpot. The provisions of sec. 64 (2) of the Income Tax Act, 1961 have superseded the principles of Hindu Law, in a case where a co-parcener impresses his property with the character of join .....

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