HUF ..
HOW IT HELP INDIVIDUALS ..
HOW CAN ONE TAKE ADVANTAGE OF IT ..
Krishna seva das (TAX CONSULTANT) (1070 Points)
22 June 2009HUF ..
HOW IT HELP INDIVIDUALS ..
HOW CAN ONE TAKE ADVANTAGE OF IT ..
Ashish M
(Chartered Accountant)
(2731 Points)
Replied 22 June 2009
The question of HUF status for a Hindu buyer or seller of any property assumes importance because of certain tax advantages attached with HUF under the income tax and wealth tax laws.
Thus, if an individual has personal income and has also HUF income, he would be entitled to have an exemption of Rs. 1.50 lakh for his individual income and another Rs. 1.50 lakh for his HUF income. Besides, he would also be eligible to a further income tax deduction or exemption of Rs. 1 lakh under Section 80C in respect of LIP premia, PPF contribution, NSC, etc., both on individual and HUF income separately. Besides, under the Wealth Tax Act, 1957 too, separate exemptions are available for individual property and HUF property.
Arpit Gupta
(Chartered Accountant )
(95 Points)
Replied 22 June 2009
HUF can serve as tax saving tool , reasons are as follow -
YOGESH MOHARKAR
(CA FINAL STUDENT)
(27 Points)
Replied 23 June 2009
PLEASE SEE ATTACHED HUF FILE FOR MORE INFORMATION ON HUF
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