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Formation and Management of Hindu Undivided Family (HUF) along with Tax Planning (As Amended by Finance Act, 2018)

Formation and Management of Hindu Undivided Family (HUF) along with Tax Planning (As Amended by Finance Act, 2018)

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Description
Joint Hindu family also referred to as the Hindu undivided family system has been  the hallmark of the Hindu society from time immemorial. Though during the last few decades, the joint families have disintegrated giving rise to nucleus families and family business have, by and large been converted to modern forms like partnerships and companies, Hindu Undivided Family, being a distinct and separate taxable entity under the direct tax laws, continue to exist in paper in large numbers as effective tax planning tool. In order to understand as to what constitutes an HUF, how it comes into existence, how it  acquires property and in what circumstances it can be partitioned or reunited and how it is subjected to tax, one has to study not only the tax laws but various Hindu Laws evolved over centuries varied by custom and usage, elucidated by judicial interpretation and codified by mid fifties. This book, a pioneering and comprehensive work on the subject of HUF from taxation angle originally authored by two eminent persons who had served with distinction the Income-tax Department for a long time, endeavors to explain those provisions of Hindu Law which have a bearing on the assessment and levy of different direct taxes on HUF highlighting  the practical rather than the theoretical aspects of the law. HUF as a taxable unit has been a useful tool in tax planning, though blunted by some recent amendments to the direct tax  laws. Indeed, a proposal was even mooted to do away with HUF as a taxable entity primarily  on the ground that it led itself to schemes of what is called tax avoidances as opposed to tax evasion. Nevertheless, given the resilience of Hindu Law it can still play an important part in an individual's legitimate attempt to reduce the tax payable by him without in any way falling foul of the law. This revised 19th Edition has been updated by incorporating the amendments made by Finance Act, 2017 and case law reported upto beginning of March 2017. Specimen Formats for various purposes have also been incorporated. Some important FAQs framed by the Income-tax Department and Tables of deductions, penalties, limitations  etc. have been included in the Appendix portion for value addition.
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Contents
Formation and Management of HUF

1.    Introduction
2.    Hindu Undivided Family
3.    Coparceners and Members of HUF
4.    Blending of Individual Property with that of HUF
5.    Partition of Hindu Undivided Family
6.    Recognition of Partition Under Section 171 of Income Tax Act, 1961
7.    HUF after enactment of Hindu Succession Act, 1956
8.    Hindu Adoption and Maintenance Act, 1956 and HUF
9.    Creation of HUF
10.  Business and Hindu Undivided Family
11.  Assessment to Income Tax of Hindu Undivided Family
12.  HUF and Wealth Tax
13.  Gifts by or to HUF and Gift Tax
14.  Judicial Controversies : Resolved and unresolved
15.  HUF and Tax Planning
16.  FAQs on HUF Related Aspects
17.  Association of Persons (AOP)
18.  Taxation of AOP
Annexures
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Author's Details
Late Shri. S. R. Kharabanda
was a retired Commissioner of Income-tax who served in the afore-mentioned capacity at Shillong, Kanpur, Lucknow, Patna and Agra. He also worked as a Regional Director, Company Law Administration, Northern India. After  retirement he was practising as advocate and tax consultant and had been retained as a taxation and financial advisor by a number of companies. An M.A. in Mathematics he also topped the LL.B. Examinations of Kanpur University and was awarded the Chancellor's Medal. He was on the editorial board of the journals, "Taxation", "Taxman" and "Judgement Today". He has extensively written on taxation and allied subjects in professional and economic journals. He was also author of the book "Search & Seizure under Income Tax Law" and co-author of the book "Tax Deduction & Collection at Source" with Shri Arun Kharabanda. He has also re-written the fourth edition of the book "Income Tax Pleadings, Practice and Procedure".
Shri Prem Nath is also a retired officer of the Indian Revenue Services who had successively  functioned as Income Tax Officer, Appellate & Inspecting Assistant Commissioner and Commissioner of Income Tax. He has had extensive experience of working as financial advisor to a number of ministeries of the Central Government and served as director of a few public sector companies. He was a Member of the Appellate Tribunal for forfeited Property, the final court of appeal in respect of properties forfeited under the Smugglers & Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976. Keenly interested in taxation laws, he has been contributing to professional journals, mainly on the subject of simplification of tax laws. Both the authors are also co-authors of the following
books:
(i)  "Interest under Direct Tax Laws";
(ii) "Penalties and Prosecution under the Direct Tax Laws";
(iii) "Law Relating to Depreciation".
V. Gopalan, an Advocate since 2001, he is a career legal journalist with over four decades of rich experience with legal journals like Taxation, Chartered Secretary, Judgments Today, Tax and Corporate Referencer, Current Tax Com News and Company Law Journal. He was earlier the Director of Publications at the Institute of Company Secretaries of India. Presently he is Consulting Editor of Chartered Secretary published by the ICSI and is on the panel of Editors of ICAI. He has to his credit over two hundred and fifty articles on different aspects of law, particularly taxation and corporate laws published in all leading law journals. He is the  Co-author of Tax Practice Manual' (published twice) and lead co-author of the second edition of All India VAT Digest (Four Volumes) published in 2015. He is also the Revising  Author/ Co-author of several other professional books on law including this Book.
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