News Muncher - category huf

1 week ago

Co-Accused Can Apply Separately For Compounding Of Offences Committed By Company Or HUF Under Income Tax Act: Delhi High Court

Live Law

The Delhi High Court has held that co-accused are entitled to apply separately for compounding of offences committed by a Company or a Hindu Undivided Family under the Income Tax Act, 1961. A division bench of Acting Chief Justice Vibhu Bakhru and Justice Tushar Rao Gedela ruled that the co-accused need not await filing of application for compounding by the …

Court Income Tax Act Application Company Separately Petitioner Offences

3 weeks, 1 day ago

Can I adjust indexed long-term loss against long-term capital gains on the sale of shares?

Live Mint

I am a resident individual taxpayer. The indexed long-term capital computed for the house is a loss, and I have long-term capital gains from the sale of listed equity shares. Can I set off the indexed long-term capital loss on the house against the long-term capital gains on the sale of listed equity shares and pay tax on the balance …

Loss Tax Sale Capital House Set Gains

1 month ago

How can you save tax on mutual funds by forming a Hindu Undivided Family unit?

Live Mint

MUMBAI : Last week, a man attacked a bank manager in Gujarat over the tax deduction on his fixed deposit interest. That way, if you can put some corpus/investments in the HUF, they will enjoy most benefits an individual gets, like the basic exemption of ₹3 lakh under the new tax regime, up to ₹1.5 lakh deduction under section 80C, …

Family India Tax Income Mutual Funds Hindu Funds

1 month, 1 week ago

Kalyani family dispute: Gaurishankar files documents to show HUF exists, belying brother's exclusive claims over assets

Live Mint

In a fresh turn of events in the Kalyani family dispute, Gaurishankar Kalyani has submitted documents in a Pune court to back his claim that a Kalyani Hindu Undivided Family exists – contrary to elder brother Baba Kalyani's claims – a move that may imply that all members of the Kalyani family are entitled to a share of the billionaire …

Family Documents Companies Pune Kalyani Bharat Nak

2 months, 1 week ago

Should you transfer fixed deposits to a HUF account?

Live Mint

The retired bank employee's income includes pension, annuity, and interest. Opening a HUF won't provide additional interest benefits or tax relief from fixed deposits, as income will be clubbed with the member. {{^adFree}} {{/adFree}} Gifts received by an individual or a HUF are not treated as income as long as the aggregate value of gifts from all sources does not …

Gifts Tax Transfer Income Fixed Deposits Fixed Fixed Deposit

5 months ago

Hindu Undivided Family: How do I accumulate capital in my HUF?

Live Mint

Creating a HUF is a viable option for the writer, with the main concern being capital. By receiving a gift from a non-member relative like the father, the HUF can lower its taxable income by investing in Section 80C. If he gives my HUF a gift of ₹4 lakh, the HUF will invest ₹1.50 lakh under section 80C. Then net …

Tax Gift Lakh Itr No Tax Section 80C Huf

6 months ago

Explained: Income tax implications for money transferred by Karta of a Hindu Undivided Family to his HUF

Live Mint

If Karta of a HUF transfers money from his account to the HUF account. The money transferred by the Karta of the HUF may be treated as a loan if the same is intended to be repaid. However, due to the applicability of clubbing provisions, income earned by the HUF on the money gifted by its Karta will be treated …

Money Income Karta Treated Huf Clubbing Provisions

7 months, 3 weeks ago

Hindu Succession Act | Hindu Woman Can Claim Full Ownership Of Property Under S.14(1) Only If She Possesses It : Supreme Court

Live Law

The Supreme Court held that for a female Hindu to claim absolute ownership of an undivided property of a Hindu Undivided Family, she should have been in possession of the property.The bench comprising Justices BR Gavai and Sandeep Mehta, after referring to the statutory scheme and precedents, observed :“It is clear that for establishing full ownership on the undivided joint …

Supreme Court Property Court Succession Supreme Suit Possession

8 months ago

What Is HUF In Income Tax? Know Benefits, Exemptions And Rules

News 18

The countdown for paying income tax and filing returns has begun. Moreover, you will not get tax exemption on that Rs 5 lakh income as you have already availed the entire tax exemption on the Rs 10 lakh income. If a HUF is considered an individual, then he will also get a basic tax exemption of Rs 2.5 lakh. Tax …

Family Income Tax Income Hindu Lakh Tax Exemptions Avail

8 months ago

Consumers Commission imposes ₹50,000 fine on India Post, directs the Department to pay pending interest to PPF customer

The Hindu

The Udupi District Consumer Disputes Redressal Commission imposed a ₹50,000 fine on India Post for deficiency of service and directed the Department to pay interest amount towards a public provident fund account held by a senior citizen, which it had refused to pay citing technical grounds. Ravindranath Shanbhogue, president, Human Rights Protection Forum, Udupi, told reporters on Friday, May 10, …

Interest Udupi Commission Department Account Kamath India Post

8 months ago

Suit filed by nephew & niece an attempt to usurp rights in Kalyani family assets: Baba Kalyani

Hindustan Times

Industrialist Baba Kalyani in his affidavit submitted before the court in Pune on Tuesday stated that his nephew Sameer Hiremath and niece Pallavi Swadi are not members of the Kalyani joint family and cannot claim status as coparceners in the Kalyani joint family. “The present suit is nothing but an attempt by the plaintiffs to try and usurp rights in …

Family Stated Kalyani Suit Affidavit Baba Kalyani Huf

9 months, 1 week ago

Zerodha's Nithin Kamath has a hack to save taxes: ‘If you are married and a Hindu'

Hindustan Times

Zerodha co-founder and CEO Nithin Kamath highlighted the benefits of Hindu Undivided Family - a tax-saving route that offers benefits for married Hindus looking to optimize their savings. Zerodha CEO Nithin Kamath talked about HUF and how it can help in saving taxes. Several users reacted to Nithin Kamath's post as former IAS officer KBS Sidhu commented, “I have always …

Tax Hindu Kamath Zerodha Nithin Kamath Nithin Huf

10 months, 1 week ago

Uttarakhand’s Uniform Civil Code: Unifying laws or dividing communities?

The Hindu

Published : Feb 29, 2024 15:26 IST - 14 MINS READ All the transient provisions in the Constitution, such as for language, reservation, special status to Jammu and Kashmir, or the Uniform Civil Code, were treated as transient because there was no unanimity at the time of the Constituent Assembly debates. In 1956, The Hindu Code Bill came into being …

Law India Marriage Court Civil Divorce Succession

1 year, 2 months ago

Telangana Assembly polls: KCR declares Rs 58 crore assets

Deccan Chronicle

Hyderabad: Chief Minister K Chandrasekhar Rao, who filed nominations from Kamareddy and Gajwel on Thursday, declared Rs 58.92 crore as the assets belonging to his wife Shoba and himself. Rao has declared movable assets worth over Rs 17.83 crore and immovable assets whose total current value is about Rs 8.50 crore. The total current market value of immovable assets in …

Properties Congress Assets Telangana Crore Reddy Rao

1 year, 7 months ago

ITR filing for FY 2022-23: ITR Form 2 available online, who is eligible and all you need to know

India Today

The income tax department has recently launched the online version of the ITR-2 forms, following the earlier release of ITR-1 and ITR-4 on May 20, 2023. According to the income tax website, taxpayers can now file their Income Tax Returns using the ITR-2 form through the online portal, which includes pre-filled data for convenience. Furthermore, on May 17, 2023, the …

Tax Income Form File Itr Itr Form

1 year, 8 months ago

HUF rules: Can a wife become Karta after death of her Karta husband?

Live Mint

Question: We have an HUF where my father was the Karta. Though your mother is a member of the HUF but she cannot be become Karta of the HUF as she is not a coparcener. In case you and your brother both are not willing to be appointed as Karta of the HUF after death of your father, any major …

Partition Karta Huf Rules

1 year, 11 months ago

Union Budget 2023: Read Nirmala Sitharaman's full speech here

Hindustan Times

Union finance minister Nirmala Sitharaman presented the Union Budget 2023-24 in the Parliament on Wednesday. I propose to provide enhanced limits of ` 3 crore and ` 75 lakh respectively, to the tax payers whose cash receipts are no more than 5 per cent. It is proposed to make amendments relating to exemption provided to charitable trusts and institution to …

India Infrastructure Development Financial Life Tax Urban Infrastructure

1 year, 11 months ago

Can trustee also be a beneficiary while setting up a trust in India?

Live Mint

A Mint article, ‘Should I write a will or form a trust to distribute my assets?’, mentioned setting up a trust with a daughter as trustee and adding one more person as trustee and beneficiary. —Dinesh Haria When using a private trust in India, it is not unusual for the trustee to also be a beneficiary of such trust. That …

India Trust Tax Gift Member Trustee Huf

2 years, 5 months ago

How a woman can transfer shares to her son on dissolution of HUF

Live Mint

What are the steps that a woman needs to take to transfer shares to her son upon the dissolution of a HUF? —Name withheld on request The query infers that the HUF is proposed to be dissolved and subsequently some equity shares held by the HUF are to be distributed/ transferred to the son, who is a coparcener of the …

Bank Karta Huf Coparcener

2 years, 5 months ago

Income Tax Return filing: 5 reasons why you should file your ITR on time

Live Mint

The Income Tax department has urged the taxpayers to not wait until the last minute for filing their income tax return. Fie today and avoid the stress of filing last minute.” Here are five reasons why filing your ITR on time should be practiced: Technical issues: Since the time income tax e-filing portal has been launched in June last year, …

Loss Tax Income Department Cpc File Pan

2 years, 7 months ago

Hindu Succession Act - HUF Property Is Presumed For Be For Widow's Maintenance When She Has Its Settled & Exclusive Possession : Supreme Court

Live Law

The Supreme Court observed that settled exclusive possession of a property of Hindu Undivided Family by a widow would create a presumption that such property was earmarked for realization of her pre-existing right of maintenance.This is more particularly when the surviving coparcener did not earmark any alternative property for recognizing her pre-existing right of maintenance, the. The Supreme Court observed …

Supreme Court Court Maintenance Succession Right Hindu Suit

2 years, 7 months ago

Can I show my rental income in HUF account?

Live Mint

I am the karta of a Hindu Undivided Family firm. And, as and when I sell that house, can I show the sale proceeds in the HUF account? Therefore, the rental proceeds from the house cannot be shown as rental income of the HUF. Since the ownership of the house vests in you, the sale proceeds of the house cannot …

Delhi Property Income House Rental Income Huf

2 years, 8 months ago

Gift Of Ancestral Property Of HUF Can Be For 'Pious Purpose' Only ; It Cannot Be 'Out Of Love & Affection': Supreme Court

Live Law

The Supreme Court observed that a Hindu father or any other managing member of a Hindu undivided Family has power to make a gift of ancestral property only for a 'pious purpose'.The bench comprising Justices S. Abdul Nazeer and Krishna Murari observed that the deed of gift in regard to the ancestral property executed 'out of love and affection' does …

Family Love Supreme Court Property Court Gift Purpose

2 years, 9 months ago

Dealer's GST Registration Can't Be Cancelled For Inadvertent Mistake Of CA: Gujarat High Court

Live Law

The Gujarat High Court bench of Justice J.B. Pardiwala and Justice Nisha M. Thakore has ruled that the dealer should not be forced to pay a hefty price for the cancellation of the GST registration for the chartered accountant's mistake. The chartered accountant of the assessee wanted the HUF registration to be cancelled. The court noted that it was an …

High Court Gujarat Registration Gst

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Articles for Huf

Co-Accused Can Apply Separately For Compounding Of Offences Committed By Company Or HUF Under Income Tax Act: Delhi High Court

Can I adjust indexed long-term loss against long-term capital gains on the sale of shares?

How can you save tax on mutual funds by forming a Hindu Undivided Family unit?

Kalyani family dispute: Gaurishankar files documents to show HUF exists, belying brother's exclusive claims over assets

Should you transfer fixed deposits to a HUF account?

Hindu Undivided Family: How do I accumulate capital in my HUF?

Explained: Income tax implications for money transferred by Karta of a Hindu Undivided Family to his HUF

Hindu Succession Act | Hindu Woman Can Claim Full Ownership Of Property Under S.14(1) Only If She Possesses It : Supreme Court

What Is HUF In Income Tax? Know Benefits, Exemptions And Rules

Consumers Commission imposes ₹50,000 fine on India Post, directs the Department to pay pending interest to PPF customer

Suit filed by nephew & niece an attempt to usurp rights in Kalyani family assets: Baba Kalyani

Zerodha's Nithin Kamath has a hack to save taxes: ‘If you are married and a Hindu'

Uttarakhand’s Uniform Civil Code: Unifying laws or dividing communities?

Telangana Assembly polls: KCR declares Rs 58 crore assets

ITR filing for FY 2022-23: ITR Form 2 available online, who is eligible and all you need to know

HUF rules: Can a wife become Karta after death of her Karta husband?

Union Budget 2023: Read Nirmala Sitharaman's full speech here

Can trustee also be a beneficiary while setting up a trust in India?

How a woman can transfer shares to her son on dissolution of HUF

Income Tax Return filing: 5 reasons why you should file your ITR on time

Hindu Succession Act - HUF Property Is Presumed For Be For Widow's Maintenance When She Has Its Settled & Exclusive Possession : Supreme Court

Can I show my rental income in HUF account?

Gift Of Ancestral Property Of HUF Can Be For 'Pious Purpose' Only ; It Cannot Be 'Out Of Love & Affection': Supreme Court

Dealer's GST Registration Can't Be Cancelled For Inadvertent Mistake Of CA: Gujarat High Court