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......................................................................................................................... Book Description The system of joint Hindu family also called Hindu undivided family besides being the backbone of the Indian social system, had been playing a significant role in the development of business in India. Most of the corporate enterprises of the present day evolved out of family based business commenced centuries ago. Hindu Undivided Family, though a taxable entity, separate and distinct from its members, has not been defined in any of the tax statutes. In order to understand as to what constitutes and HUF, how it comes into existence, how it acquires property an din 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 Hindu Law also, as it has come down to us through the ages, varied by customs and usage, elucidated by judicial interpretation and codified by legislation in 1956-57. This book endeavors to explain those provisions of Hindu Law which have a bearing on the assessment and levy of income – tax, wealth-tax, gift-tax and estate duty (abolished w.e.f. 16-3-1985) 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 be direct tax laws. Indeed, a proposal was even mooted to do away with HUF as a taxable entity primarily on the ground that it lent 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. Tax laws have removed the discriminatory tax rates levied on what were termed “ specified HUFs”. A significant change has been brought about in the codified Hindu Law by the Hindu Succession (Amendment) Act, 2005, effective from 9-9-2005. Section 6 of this Amending Act bestows coparcenary rights on daughters on birth in same manner as it does on the sons. The tax implication of this vital move towards gender equality have been discussed in this edition. This is a well documented work on the law relating to HUF and its taxation ......................................................................................................................... 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 UF Related Aspects 17. Association of Persons (AOP) 18. Taxation of AOP ......................................................................................................................... Author's Details Shri. S. R. Kharabanda was a retired Commissioner of Income – tax who served in the aforementioned capacity at Shillong, Kanpur, Lucknow, Patna and Agra. He also worked as a Regional Director, Company Law Administration, Northern India. After retirement he was practicing 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 LLB 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 was 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 rewritten the fourth edition of the book “Income Tax Pleadings, Practice and Procedure”. Shri Prem Nath 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 ministries 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 professionals journals, mainly on the subject of simplication 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” .........................................................................................................................
