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Thread 🧵 Tax Planning through HUF Part 2
In this thread:
How Income generated in HUF
Who can be members of HUF
Who can be Karta in HUF
Investments in HUF
Who owns HUF property
Some questions from Part 1
@Spaysocial @investyadnya @AdeParimal @gaurav28jain
In this thread:
How Income generated in HUF
Who can be members of HUF
Who can be Karta in HUF
Investments in HUF
Who owns HUF property
Some questions from Part 1
@Spaysocial @investyadnya @AdeParimal @gaurav28jain
Q. How income generated in HUF?
Income can be generated through any activity such as
Trading Activity
Factory Setup
Run Hospital
Consultancy Business
Efforts to generate income in HUF can be put by all the members.
#HUF
Income can be generated through any activity such as
Trading Activity
Factory Setup
Run Hospital
Consultancy Business
Efforts to generate income in HUF can be put by all the members.
#HUF
HUF can’t be run in professional capacity where certification required.
For eg. CA, Doctors, Enginneer’s can’t run their practice under HUF but can do consultancy business where there is no certification requirement.
For eg. CA, Doctors, Enginneer’s can’t run their practice under HUF but can do consultancy business where there is no certification requirement.
Indian Income Tax has a peculiar category of taxpayers i.e. HUF.
So, Let's understand what is HUF ? [ A 🧵]
@CA_HarshilSHETH @TaxationUpdates @PratibhaGoyal @caanuragwriter #HUF #incometax #taxpayer
So, Let's understand what is HUF ? [ A 🧵]
@CA_HarshilSHETH @TaxationUpdates @PratibhaGoyal @caanuragwriter #HUF #incometax #taxpayer
The Income Tax Act provides several opportunities for taxpayers to reduce their tax liabilities in a legitimate manner.
One such aspect is the creation of the HUF or the Hindu Undivided Family
One such aspect is the creation of the HUF or the Hindu Undivided Family
HUF's features:-
a. HUF is governed under Hindu law board & could be formed by a married couple or by a family
b. Hindus, Buddhists, Jains & Sikhs can form HUFs.
c. HUF consists of a common ancestor and all of his lineal descendants, including their wives & unmarried daughters
a. HUF is governed under Hindu law board & could be formed by a married couple or by a family
b. Hindus, Buddhists, Jains & Sikhs can form HUFs.
c. HUF consists of a common ancestor and all of his lineal descendants, including their wives & unmarried daughters
Thread 🧵 on HUF ( Hindu Undivided Family)
HUF is a big concept, will create 2-3 threads for your understanding.
In this thread :
What is HUF?
Formation of HUF
Tax Planning through HUF
How to generate corpus for HUF? @Spaysocial @investyadnya @AdeParimal @gaurav28jain #HUF
HUF is a big concept, will create 2-3 threads for your understanding.
In this thread :
What is HUF?
Formation of HUF
Tax Planning through HUF
How to generate corpus for HUF? @Spaysocial @investyadnya @AdeParimal @gaurav28jain #HUF
What is HUF?
As the name suggests it’s an Hindu Undivided Family. It’s a separate entity recognised like Individual, Companies etc.
Who all covered under HUF?
Hindu’s, Buddhist, Jains and Sikh’s. It means only these people can form HUF.
As the name suggests it’s an Hindu Undivided Family. It’s a separate entity recognised like Individual, Companies etc.
Who all covered under HUF?
Hindu’s, Buddhist, Jains and Sikh’s. It means only these people can form HUF.
HUF governed by which Law?
There is no codified law for HUF.
It’s a customary law based on Hindu Law. Hindu law defines major clauses of HUF.
Also governed by Income Tax Act, 1961 as income is in question. So taxation governed by the Income Tax Act.
There is no codified law for HUF.
It’s a customary law based on Hindu Law. Hindu law defines major clauses of HUF.
Also governed by Income Tax Act, 1961 as income is in question. So taxation governed by the Income Tax Act.
