Guide to .. Tax Management ,Tax Planning and Tax Saving
BLOG on Income Tax Management for - AY 2022-23 & 2023-24

"Property Received On Partial Partition Is HUF Property"

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. It is also not necessary that to constitute a valid HUF there must be at least two male members. A question recently came up before the Punjab and Haryana High Court as to whether consequent to partial partition of HUF and the subsequent birth of the daughter, the amount received on partial partition would belong to HUF comprising of the individual as also his daughter born after the partition. It was held by the Punjab and Haryana High Court in the case of Commissioner of Income Tax v. Bhagat Singh 229 ITR 239 that the income received from the properties consequent to partial partition would be assessable in the hands of a Hindu Undivided Family.
Hindi Undivided Family (HUF) - Taxation and Tax Planning

You may also like ...


TallyPRIME-3.* Book (Advanced Usage)
TallyPrime Book @ Rs.600

| About Us | Privacy Policy | Disclaimer | Sitemap |
© 2024 : IncomeTaxManagement.Com