WHAT IS HINDU UNDIVIDED FAMILY (HUF)
Hindu Undivided Family
Hindu Undivided Family (HUF) consists of all persons directly descended from a common ancestor, and also the wives and daughters of the male descendants. For instance, you and your spouse along with your two children can create an HUF and get certain relaxation in computation of taxes.
The Hindu Undivided Family is treated as a ‘person’ under section 2(31) of the Income-tax Act, 1961, for the purpose of assessment under the Act. HUF has its own Permanent Account Number (PAN) and files tax returns independent of members.
HINDU UNDIVIDED FAMILY NEWS
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Narendra Giri, head of one of India's largest body of saints, found dead
Mahant Narendra Giri, the president of Akhil Bharatiya Akhada Parishad, was found dead on Monday at Baghambari Muth| September 20, 2021, Monday -
Valli Arunachalam issues legal notice to Murugappa family members, others
The development comes after the shareholders of AIL voted against the induction of Arunachalam into its board| October 08, 2020, Thursday -
Will SC verdict on coparcenary lead to more disputes among biz families?
Lawyers say this judgment can open a can of worms as women in many business families can now assert their right to an equal share ...| August 17, 2020, Monday -
Daughter act
Apex court ruling is a big step towards gender equality| August 14, 2020, Friday -
Equal inheritance rights for women: What it means for HUF structure
Succession in business families: Judgment clears the air but its real-world application limited| August 13, 2020, Thursday -
Daughters have equal rights to property in joint Hindu family, says SC
The verdict makes it clear the amendment to the Hindu Succession Act, 1956 granting equal rights to daughters to inherit ...| August 11, 2020, Tuesday -
Govt to discontinue 7.75% taxable savings bonds scheme from May 28
The bonds were issued in January 2018 for residents and Hindu Undivided Family (or HUF) members, and became instantly popular.| May 28, 2020, Thursday -
Why Hindu Undivided Family is losing its charm as a tax-saving tool
Wealthy don't prefer it after courts have allowed daughters to be an equal partner in their father's HUF after marriage| July 25, 2019, Thursday -
Will govt, Income Tax dept get more tax revenue if HUFs are abolished?
On August 31, the Law Commission of India recommended abolishing the concept of a Hindu Undivided Family to increase tax revenues ...| September 09, 2018, Sunday -
Law Commission proposes doing away with concept of Hindu Undivided Family
Income tax experts believe that this proposal has been made primarily because of the government's increased focus on tax ...| September 01, 2018, Saturday
