HUF ..
HOW IT HELP INDIVIDUALS ..
HOW CAN ONE TAKE ADVANTAGE OF IT ..
3 Replies
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 -
- by creating HUF one can have an extra exemption of Rs.150000
- some times HUF saves its members from direct consequeses like notice or penalties etc. of tax authorities (due to voilation of law)
- within the same no. of members one can create more than one HUF by changing the KARTA and property and thus with every new HUF one can have exemption of RS.150000
YOGESH MOHARKAR
(CA FINAL STUDENT)
(27 Points)
Replied 23 June 2009
PLEASE SEE ATTACHED HUF FILE FOR MORE INFORMATION ON HUF
Attached File : 13 huf.zip downloaded: 702 times
Recent Topics
- Nznxnc call me at the end of the day of the
- Cp chod doob zoom vo book book
- Nsje snswk fjw ed le ene djff ne enje ejdd rejje
- Hxjcif the day I have been in touch with me and
- Iska djd djrbdsjebshe sir ur rei ejr reinr the jr
- GST registration for medical shop in Karnataka
- Hsshs me know if you are free number of the
- Chu Kang and the situation of the situation and I
- How to reverse wrong transaction payment in phonep
- Paytm wrong transaction
Related Threads
CAclubindia
