Download Free E book on Taxation of HUF (Hindu undivided Family) by ICAI
The Institute of Chartered Accountants of India (ICAI) has always been proactive in spreading the knowledge and augmenting the skills of its members. I am really happy to note that the Direct Taxes Committee (DTC) of ICAI has come out with this publication namely “Technical Guide on Taxation of HUFs” so as to assist the members in meeting their professional commitments in a more effective manner.
As per the Income-tax Act, 1961, a Hindu Undivided Family (HUF) is considered a separate legal entity and assessed to Income-tax as a distinct person and there are separate provisions for HUF for the purpose of computation of tax. The Income-tax Act,1961, also contains provisions for clubbing of income of a HUF in the hands of a member in certain cases. Businesses in India are largely family-oriented which has both positive and negative aspects. In legal parlance, a Hindu Undivided Family (HUF) is a joint family consisting of lineal descendant members from a common ancestor. It is considered as a separate tax entity that is automatically constituted whenever a marriage takes place. The senior-most male member of the family is ordinarily regarded as the Karta of the HUF. The Income of a HUF is subjected to tax separately (not in the hands of members) and HUF is required to obtain a separate Permanent Account Number (PAN). It can earn income from all sources, except salary. Rental income can also be earned on ancestral or other property held by a HUF.
Taxation of HUF being peculiar to this Country draws a lot of interest amongst taxpayers. The prevailing social environment is leading to the melting of large HUFs and a movement towards nuclear families resulting in a need for arranging the affairs, especially in family-owned businesses. India is known for its big happy families; we epitomize the large family structure. As the members are well aware that the Hindu Undivided Family (HUF) is a separate tax entity that is automatically constituted when a marriage takes place. The income of a HUF is subject to tax separately (not in the hands of members) and a HUF is required to obtain a separate Permanent Account Number. A HUF can earn income from all sources, except salary. It may invest in a business and earn profits or earn capital gains. Rental income can be earned on ancestral or other property held by a HUF.
Chapter 1 : A Hindu.............................................................................................. 1
Chapter 2 : HUF – Meaning and Creation ............................................................ 5
Chapter 3 : Concept of Multiple HUFs................................................................ 11
Chapter 4 : Karta ................................................................................................ 14
Chapter 5 : One Person & His HUF.................................................................... 17
Chapter 6 : Husband-Wife HUF.......................................................................... 21
Chapter 7 : PAN for HUF.................................................................................... 23
Chapter 8 : Residential Status............................................................................ 25
Chapter 9 : Residential Status of HUF ............................................................... 27
Chapter 10 : Assessment of HUF....................................................................... 32
Chapter 11 : Capital Formation .......................................................................... 35
Chapter 12 : Property Received on Succession................................................. 39
Chapter 13 : Gifts ............................................................................................... 43
Chapter 14 : Investments ................................................................................... 51
Chapter 15 : Proprietorship Business................................................................. 54
Chapter 16 : HUF and Partnership..................................................................... 56
Chapter 17 : HUF & Company............................................................................ 69
Chapter 18 : Partition of HUF ............................................................................. 76
Appendix 1 : Affidavit for HUF ............................................................................ 80
Appendix 2 : Deed of Partnership....................................................................... 82
Appendix 3 : Deed of HFU.................................................................................. 86
Download Free E book on Taxation of HUFs by ICAI
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The Institute of Chartered Accountants of India (ICAI) has always been proactive in spreading the knowledge and augmenting the skills of its members. I am really happy to note that the Direct Taxes Committee (DTC) of ICAI has come out with this publication namely “Technical Guide on Taxation of HUFs” so as to assist the members in meeting their professional commitments in more effective manner.
To elaborate on the matter of taxation of HUFs and provide guidance to the members, this publication will prove to be very useful. This publication covers laws and procedures relating to taxation of HUFs. Such a publication provides a great public service by making all the relevant information available in a simple and well-organised manner. Further, we in the Direct Taxes Committee consider it pertinent to release this publication as “Technical Guide on Taxation of HUFs” to assist the fraternity in proper compliance & to remove the ambiguities of the professionals w.r.t provisions and procedures of HUF.
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