Tax Planning through Hindu Undivided Family (HUF)

 
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This might sound to be impracticable in real life, but it is not so, as this is made possible in actual practice by proper tax planning. Thus, where an individual who is a Karta of a Hindu Undivided Family joins a partnership firm as a partner with the help of the funds belonging to the HUF,
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Normally, where the Karta of an HUF is a working partner in a firm on behalf of his Hindu Undivided Family, and receives a salary from the said firm, the remuneration paid by the firm to the partner, the Karta of an HUF is assessable as the income of the HUF

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Partition of a Hindu Undivided Family is sometimes effected out of necessity and sometimes as a step for proper tax planning. Whatever be the purpose of the partition of a Hindu Undivided Family, it should be genuine. The partition of an HUF can be total or partial.

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Under the provisions of Section 1 94A, it has been made obligatory for a person who is responsible for paying any interest (other than “interest on securities”) to the recipient, to deduct income tax at source at the rates in force.

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Presently the basic exemption limit even for a Hindu undivided family is `2,00,000 for the A.Y. 2013-2014. For investments made, the HUF would enjoy the benefit of tax deduction under Section 80C of the Income-tax Act, 1961 to the full extent of ` 1 Lath.

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A question that is frequently asked by Hindus not having the separate tax entity of an HUF is whether it is still possible for the members of a Hindu family to enjoy the status of an HUF?

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There is a general feeling amongst the tax payers that a new Hindu Undivided Family (HUe comes into existence as a separate tax entity only when the couple has a male child.

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A common question arises as to whether the assets received as a result of partial partition whether it would be treated as the assets belonging to the HUF, i.e., Hindu Undivided Family or to the individual.

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The Madras High Court gave a very interesting decision with regard to HUF reunion. This decision is a very classic one for all those who are interested to have a reunion of their earlier Hindu Unidivided Family.

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