meaning, formation, taxation, membership & partition of huf

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Apr262012

Meaning, Formation, Taxation, Membership & Partition of HUF

Posted In Income Tax | Articles | 35 Comments »

The Hindu Undivided Family can best be defined as afamily that consists of a common ancestor and all his linealmale descendants and their wives and unmarried daughters.The Hindu Undivided Family (HUF) cannot be created byacts of any party. The only exceptions are in the case of anadoption or a marriage when a stranger may become a HUFmember. An undivided family, which is a normal conditionof Hindu society, is ordinarily joint, not only in estate butalso in food and worship.

A HUF is a separate entity for taxation under the provisionsof S.2 (31) of the Income Tax Act, 1961. This is in addition toan individual as a separate taxable entity. This indicatesthat a person may be assessed in two different capacities-as an individual and as a Karta of his HUF.

What is an HUF? As the name suggests, an HUF is a family of Hindus. However, even Buddhists, Jains andSikhs are regarded as Hindus, and can, therefore, set up HUFs. The concept of an HUF has basically evolvedfrom ancient Hindu law. There are two schools of law governing HUFs in India-Mitakshara and Dayabhaga-andthere are quite a few differences in the rights and obligations of HUF members in each of these schools.

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However, since the Dayabhaga school is largely confined to Bengal, we shall, in this article, only consider theprovisions of the Mitakshara school, which are applicable to the rest of India.

Basic criteria for an HUF

There are some essential conditions that must be fulfilled to qualify as an HUF. These are outlined below:

Only one member or co-parcener cannot form an HUF;The joint family continues even in the hands of females after the death of the sole male member;An HUF need not consist of two male members. One male member is enough. For example, a father andhis unmarried daughters may form and HUF.

Karta:

The person who manages the affairs of the family is known as the karta. Normally, the senior- most member ofthe family acts as karta. However, a junior male member can also act as karta with the consent of the othermembers. This was held in Narendra Kumar J. Modi vs. Seth Govindram Sugar Mills 57 I.T.R. P510 (SC).

When is an HUF recognised? Let us answer another question before this: if you don’t have an HUF, as a maleHindu, how do you “create” an HUF? The phrase “creating an HUF” is really quite misleading because an HUFcomes into existence the moment you give birth to a son (or a daughter, if she is regarded as a coparcener in thestate where most of your property is located). However, even though you may already have an HUF, it may notreally exist from the tax point of view unless your HUF has assets and is deriving income from those assets. Putanother way, in order for an HUF to exist on tax records, it needs to have income.

Who can be members? All the members in your family, including your wife, children, their wives and theirchildren. While the male members are called coparceners, the females are referred to as members. Thesenior-most male member is called the karta (manager), and a typical HUF consists of a karta, his sons,grandsons, and great-grandsons (all of whom are coparceners), and their wives and unmarried daughters (all ofwhom are members).

Rights of the members. The difference between a coparcener and a member is that a coparcener can demandpartition of an HUF. This is by way of distribution of HUF property among the coparceners. While eachcoparcener would then be entitled to a share of the property, the members would be entitled to receivemaintenance from the HUF. The karta generally manages the family property, which is regarded as the jointproperty of all the coparceners.

Daughters as coparceners. In recent times, some states like Maharashtra and Tamil Nadu have amended theIndian Succession Act to provide that all daughters who were unmarried as on the date of the amendment wouldbe regarded as coparceners in much the same manner as the sons in the family. Subsequently, in these states,unmarried daughters as well as daughters married after the date of the amendment (in the case of Maharashtra, itwas June 22, 1994) were regarded as coparceners. They are, therefore, eligible to demand partition of an HUF,and receive a share (equal to that of male coparceners) of the HUF property.

The Hindu Succession (Amendment) Act, 2005 (39 of 2005) comes into force from 9th September, 2005. TheGovernment of India has issued notification to this effect. The Hindu Succession (Amendment) Act is to removegender discriminatory provisions in the Hindu Succession Act, 1956 and gives the following rights to daughtersunder Section 6:

The daughter of a coparcener cell by birth become a coparcener in her own right in the same manner as theson;The daughter has the same rights in the coparcenary property as she would have had if she had been a son;The daughter shall be subject to the same liability in the said coparcenary property as that of a son; andany reference to a Hindu Mitakshara coparceners shall be deemed to include a reference to a daughter of acoparcener;The daughter is allotted the same share as is allotted to a son;The share of the pre-deceased son or a pre-deceased daughter shall be allotted to the surviving child ofsuch pre-deceased son or of such pre-deceased daughter;The share of the pre-deceased child of a pre-deceased son or of a pre-deceased daughter shall be allotted


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to the child of such pre-deceased child of the pre-deceased son or a pre-deceased daughter.

After the commencement of the Hindu Succession (Amendment) Act, 2005, no court shall recognize any right toproceed against a son, grandson or great-grandson for the recovery of any debt due from his father, grandfatheror great-grandfather solely on the ground of the pious obligation under the Hindu law, of such son, grandson orgreat-grandson to discharge any such debt.

Minimum number of coparceners. An HUF can consist of just two members, one of whom is a coparcener.However, for tax purposes, the income of such an entity would not be taxed in the hands of the HUF; it would betaxed in the hands of the sole coparcener. For an entity to be taxed as an HUF, it should have at least twocoparceners. Thus, the income of an HUF consisting of a husband and wife would not be taxed in the hands ofthe HUF, except in cases where the husband has received funds on the partition of a larger HUF.

How setting up an HUF can minimise your family’s tax liability: Have you ever wondered whether you canlower your tax liability by setting up a separate entity, a Hindu Undivided Family (HUF)? If you have, here arefew pointers to help you decide whether you can, how you can, and in respect of which income you can fileseparate tax returns for an HUF, and lower your tax incidence.

What income is taxable as HUF income? Any income that arises on the investment of HUF funds (like interestearned on loans given by an HUF) or on the utilisation of HUF assets (like rent earned on letting out HUFproperty) would be regarded as HUF income. It is important that the income be earned using HUF funds orproperty only. If the income arises on account of the personal exertions of the karta or any other member and noton investment of HUF funds, such income would generally be regarded as the individual income of the karta orthe member.

If an HUF contributes funds to the capital of a partnership firm, profit and interest received (from the firm) by apartner who represents the HUF is regarded as HUF income. This is because the income in the partner’s handsarises on investment of the HUF’s funds. However, if the karta is also paid a salary by the firm for efforts put inby him, such funds would be regarded as the karta’s individual income. Speculative profit can be regarded as theincome of an HUF, particularly in cases where the HUF has paid margin money or deposits for such transactions.

Assets of an HUF. This brings us to another important question: what kind of assets can be regarded as the assetsof an HUF as opposed to the assets of an individual? Assets received in the following situations would beregarded as the assets of an HUF:

Assets received on the partition of a larger HUF of which the coparcener was a member (like an HUF inwhich the coparcener’s father or grandfather was the karta).Assets received as gifts by the HUF. Such gifts could be received from close relatives or close friends.Assets bequeathed by a will that specifically favours the HUF. In the absence of a will, assets received onthe death of a benefactor after 1956 (when the Hindu Succession Act came into force) would not beregarded as HUF property, but as individual property even though such assets have been inherited.

Although it is possible for a member of the HUF to transfer his or her individual assets to the HUF, such atransfer isn’t beneficial from the tax point of view. This is because there is no transfer of the tax liability on theincome from such assets. The income would continue to be taxed in the hands of the individual who hastransferred the assets, due to the tax provisions governing the clubbing of such income with the income of thetransferor.

How do you boost your HUF’s funds? Given the tax provisions governing clubbing of income, how does oneenhance the capital of an HUF? One way is by ensuring that gifts or inheritances meant for the benefit of all themembers of a family are gifted specifically to the HUF, instead of separately to individual members of the family.In the absence of gift tax and estate duty, neither the benefactor nor the recipient would attract tax on such atransfer.

One can also enhance an HUF’s capital by borrowing funds from people who are not members of the HUF. Suchfunds should then be invested in the HUF’s name. This is important, as is borrowing money specifically in theHUF’s name. The income arising on such investments would then be regarded as the income of the HUF.

Another way of enhancing capital without adverse tax implications is to transfer individual funds to the HUF.


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These funds should then be invested in tax-free instruments, like the Reserve Bank of India’s relief bonds, andunits of mutual funds, in the HUF’s name. Since the income from such investments is tax-free, it will not beclubbed with the individual’s income. What’s more, the income arising on the reinvestment of such tax-freeincome (which may be in taxable income-yielding assets) will not be clubbed, since only income arising ontransferred amounts is clubbed.

Consider this rider. As with all other tax planning, a word of caution: HUF funds are joint funds of a family andcannot be equated with individual funds. Although as karta you may have control over the HUF’s funds, in theevent of a dispute with a family member, the member would be justified in demanding partition of the HUF and ashare of its assets.

HUF and the Joint Family Property

Often, it has been argued that the existence of nucleus or joint family property is necessary to recognize theclaim of HUF status. However, it has been established since that as the HUF is a creature of Hindu law, it canexist even without any nucleus or ancestral joint property.

The following types of properties are generally accepted as joint family property:

1. Ancestral property;

2. Property allotted on partition;

3. Property acquired with the aid of joint family property;

4. Separate property of a co-parcener, blended with the family property. The provisions of S.64 (2) of the I.T. Acthave superseded the principles of Hindu Law, in a case where the co-parcener impresses his property with thecharacter of joint family property.

Please note that a female member cannot blend her property with the joint family property. However, she canmake a gift of it to the HUF as was held in Puspadevi vs. CIT 109 I.T.R. p. 730 (SC). A female member may alsobequeath her property to an HUF– C.I.T. vs. G.D. Mukim, 118 I.T.R. P. 930 (P&H).

Branches of HUFs

An HUF may have several branches. Let us take the example of an HUF with two sons. When the sons marryand they have their own families they will form a branch of the HUF. Likewise, when the grandsons havefamilies, they too will be sub-branches of the HUF. As said before, it is immaterial if they possess any property ornot.

Elements of partition of HUF

Having understood the essential aspects of the Hindu Undivided Family, it would be useful to consider thevarious means by which tax incidence with regard to HUF may be reduced. The most often-used device is toincrease the number of assessable units through the device of partition of the HUF.

This can be easily done where the partition results in separate independent taxable units. For instance, this willbe very useful in the case of an HUF consisting of a father and two sons, who own two factories, a houseproperty and with other income besides this. On the other hand, if the members of an HUF have high individualincomes, partition may not be beneficial. In such a case, it would be wiser for the HUF to continue as a separatetaxable entity.

It may happen that an HUF has only one business establishment that does not lend itself to any physical division.In such a case, the business may be converted into a partnership firm. However, it must be noted that the taxapplicable to a company or a firm is 35%. Thus, it becomes clear that it will not be advantageous to convert anHUF business into a partnership company. Instead, it would be better to reduce taxes by paying remuneration tothe members of the HUF.

Partial partition of HUF is also a device to reduce tax-liability. However, it has been derecognized by theprovisions of S.171 (9) of the I.T. Act, according to which any partial partition, affected after 31.12.78, will not


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be recognized.

In spite of the provisions of S.179 (9), partial partition can still be used as a device for tax planning in certaincases.

An HUF that has not been assessed as undivided family can still be subjected to partial partition because it isrecognized under the Hindu Law. Such partial partition does not require recognition u/s 171 of the I.T. Act.Consequently, a large HUF, which has already been assessed, can be partitioned into smaller HUFs. Thesesmaller HUFs may further be partitioned partially before being assessed as HUFs. It is essential to clearlyunderstand the legal implications of partition of the assets of an HUF before it is undertaken. Only then, can thetrue benefits of such a step gauged.

Junior Member Can Become Karta Of HUF!

Question:- My father is the Karta of the HUF which has been in operation for a few decades. He is 83 years old.In view of his old age, can he transfer the Karta ship to me? I am 31 years old, married with a child. What is theprocedure for the same? Should this be declared to the IT authorities and how do I get a new PAN? Should theold PAN be cancelled? My child is a month old. Should addition of members in the HUF be declared to the ITauthorities?

Answer:- It is presumption under Hindu Law, that senior most members can be Karta of the HUF. His positionunder the law is unchallengeable. He is manager of the assets and income of the HUF. It has been held inNarendrakumar J Modi v. CIT 1976 S.C. 1953 that in case there is agreement among members of HUF, a juniormember can become Karta of the HUF.

Therefore, in your case, you can become karta , but before that its better if you get an agreement signed amongall HUF members stating that your father , owing to his age , is passing on kartaship to you and that othermembers are agreeing to it.

As far as Income tax Act is concerned, there is not big impact for such change of guard since the income shallalways be assessed in the status of HUF. The return can be signed by you. What you should do is to inform theA.O on plain paper that now you have become the Karta of the HUF and that you will be filing returnsthereafter.As far as your son is concerned, he is certainly part of HUF and you can inform the I T Authorities onyour own volition, and keep a record of that.

Is One Male Member Enough For HUF?

Question:- Whether a person with wife and two daughters only can have HUF?

Answer:- Whether only one male member is suffice to form an HUF is now legally well settled as per decision ofSupreme Court in case of Gowli Buddana vs CIT (1966) 60 ITR 293 . An HUF is no different than a jointproperty. The concept of HUF is very simple codified in Hindu law .A Hindu joint family consists of lineallydescended persons -like Great Grand father, Grand father ,father, uncle, son etc. All these persons have rightover common ancestral property by birth. The dictum that once Hindu undivided family always Hindu undividedfamily” has been accepted all along.

The expression ‘Hindu undivided family’ in the Income-tax Act is same as a joint family which may consist of asingle male member and widows of deceased male members. In Dr Prakash B Sultane v CIT ([2005] 148 Taxman353) the Bombay High Court held that that the property does not lose its character merely because at one pointof time there was only one male member or one co-parcener.

In this case , the assessee was a doctor by profession assessable in his hands as an individual. The assessee was amember of a bigger Hindu undivided family which was partitioned on January 1, 1972. At the time of partitionand right up to January 22, 1980 the assessee was a bachelor. During these years, the income from assets onpartition was assessed in his hands as his individual income.

When the assessee got married on January 22, 1980, he claimed that the income from assets received onpartition is assessable in status of the Hindu undivided family consisting of himself and his wife.

The Assessing Officer observed that the decisions referred to by the assessee were considered in the judgment of


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the Madhya Pradesh High Court in CIT v. Vishnukumar Bhaiya (142 I.T.R. 357). Relying upon this judgment, herejected the application of the assessee and continued to assess his income from the Hindu undivided familyproperty in his individual capacity. In the above case also, the assessee had obtained his share on partition beforehis marriage and, on his marriage, had claimed the status of Hindu undivided family. His claim was rejected onthe ground that “until a son is born the status of the assessee would continue to be that of an individual.However, the High Court ruled otherwise and upheld the contention of the assessee that once HUF propertyalways HUF property”

Tags: hindu law, hindu undivided family, income tax act, income tax act 1961

0

Sandeep Kanoi

35 Responses to “Meaning, Formation, Taxation, Membership & Partition of HUF”

A.Arthanari says:March 12, 2014 at 9:42 AM

Is daughter in law and grand daughter of Karta may be member of the HUF?

1.

Girish says:February 2, 2014 at 12:42 AM

I have two sons and no daughter.

My elder son wants to separate from the joint family, but me and my younger son want to continue theHUF.

In this case can you please let me know what documents do I have to execute so that my elder son or hisfamily (his wife and his minor son) have no rights or title after execution of such documents.

Also I want my younger son to be Karta of the HUF after me.

Kindly advise.

2.

ushadas says:July 6, 2013 at 7:48 PM

can a HUF buy property in the name of HUF i.e can the HUF entity enter into an Agreement as apurchaser,if so how is it done.. where will the funds to purchase the property come from…how can it bedone..

3.

Vaibhav Poddar says:April 24, 2013 at 6:02 PM

4.

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I am a married 29 year old man but still dont have any kids. How and when should I form an HUF?

v.s. meratwal says:March 1, 2013 at 6:22 PM

a male hindu died, was partner in the firm as karta of his huf with his major son, now his wife can be thepartner as manager of the huf in the instant firm

v.s. meratwal

5.

Sanjeev says:January 21, 2013 at 5:07 PM

can HUF do the business in another name?

6.

C K Jain says:January 17, 2013 at 10:42 AM

After the death of father the HUF consisted of Married Son, Mother, Wife and unmarried daughter.Subsequently Mother has died and Daughter has got married. There are no sons. The HUF now consists ofMale member and his wife.1) Can the HUF be now divided between the Karta and Wife? Or the property can go fully in the hands ofKarta.

2) If the division is not done and Karta who is the sole male member dies then does the wife get the HUFproperty in an individual capacity?

7.

ravi ranjan says:November 18, 2012 at 1:12 AM

i would like to know, can my widow mother and i make a huf and take tax benifits

8.

VINOD says:November 1, 2012 at 4:57 PM

dear,can huf partition take place voluntary?whether partition is full or partial?if huf held a fixed deposit from last year under 80c tax exemption on which lock in period is 5 year,then inthe course of partition what is the treatment of this fixed deposit:-a)Is this violation of 80 c if withdrawal?

9.

ankita says:July 31, 2012 at 10:43 AM

if an 85 yrs old male proprietor is expired then what kind of benefit he may get from income tax?

10.

Sanjay says:July 1, 2012 at 12:04 AM

Dear SirI have some question about My Income tax return file.

1. I take pan card No. on year 20092. Till Date i not income tax return file due to my income is not taxable up to 31.03.2011

3. I married on Jan 2007 and that time i got aproximate 28 lac cash gift and 20grm Glod items and 8-9Kgsilver items from my relative and friends on marrige Reseption day throw all my friends,relative more than700-800 member and i recived blesing with my faimaly and my spouse faimly with cash gift as per Hindumarrige custom after marrige giveing by faimly and friends. when i ask to charted accountant he say

11.


7 of 13 15-04-2014 21:51

marrige gift is tax free so you not requier Tax return file.and i not file.

4. I recived Cash gift by my Uncle( Father’s brother) Rs. 951000/- on year 2005.5. I received cash gift from my mother-in-law Rs. 1100000/- on the time of my doughter Birth time. 6.Year 2007 i recived cash gift from my father&mother Rs. 25lac. 7. i start lease-licence base agriculturework 45Bigha land and i got 22lac loss in two year for the year 2008-09/200910 . 8. This year i startbusiness and i pay 10lac advance tax. 9. I want to income tax return file for last 5year from 2007-08 to2011-12 how to i file pl. advise me.

jssaigal says:June 21, 2012 at 11:37 AM

a very illuminating article. can i have answers to the following 1. can karta gift the house and if so its taxaion problem 2. is wife entitled to know the contents of the huf. 3.can the karta rent out the house without wifes knowledge.

12.

jssaigal says:June 21, 2012 at 11:33 AM

A very illuminating article. Could i get answers of the following.1.can a karta of huf make a gift to hiswife or married daughter due to old age. if so will there be any taxation on it 2.. does the wife has a right toknow the contents of huf when her husband is the karta of huf 3..can the karta rent out his house withoutthe knowledge of his wife . kindly send an early reply at the above e.mail address as i am 85 yrs old.

13.

sachindra laad says:April 30, 2012 at 10:15 PM

sir please send me huf formation deed in pdf

14.

rahul gupta says:March 14, 2012 at 3:24 PM

latest decisions of supreme court in which grand son(adult coparcner)get share(partnership)in huf firmagainst manager(karta,of huf family

15.

Rathin says:March 14, 2012 at 1:19 PM

I and my wife wants to create HUF. We do not have any child. Can we create HUF ? Please send me yourreply on my mail.

16.

NAYANTARA DESHPANDE says:March 4, 2012 at 10:55 PM

I would like to know if it is possible to remove the name from the HUF ,and we are ready to part with theassests and liabilities it has. Please let me know the procedure.?

17.

krishnaswamy says:February 27, 2012 at 3:48 PM

A coparcener-son’s wife (spouse) becomes a member of the family of her husband. Under the amendedlaw, a daughter is entitled to be a Coparcener in all respects as a son. Let us not forget that every memberof the joint family has certain legal rights other than entitlement to a share in the family property.Presently, in law, no one considers the husband as a “member” of his wife’s father’s family. What is thelaw which allows a coparcenor-son’s spouse (wife) to become a member in the new family but not acoparcener-daughter’s spouse (husband)? It is to avoid this resulting confusion in a joint family that theancient practice(law) of conferring coparcenery status to males only was established. I t was not due togender discrimination. As the law stands at present, the daughter can become a coparcener in her parental

18.


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family and also be a ‘member’ of the family of her in-laws. But a male (son) does not become a memberof his wife’s father’s family. He is thus denied the same legal rights as other members.. If the ancient practice is considered as resulting in gender-bias, the new law also has created a reversegender-bias against males!! Use the gender-free term spouse instead of wife and the problem becomesexplicitly stated.

Pnn says:February 20, 2012 at 9:46 AM

I have one queryWill the Grandson (2year) is the Member of HUF if grandson`s father have not saperate HUF?If in such case if i open PPF account in the name of GrandSon and payment made by HUF account to PPFaccount can HUF account get the Tax benifite 80C.?

19.

Shailesh Tapadia says:December 27, 2011 at 4:15 PM

can a coparcener and HUF carry out the same line of business earning same source of income. Are thereany clubbing provisions to consider

20.

Hardik says:December 22, 2011 at 11:56 AM

Can one Individual become Karta of more than one HUF?

21.

Prince Kumar says:December 4, 2011 at 10:24 PM

Is there any amendment regarding inclusion of wife in the HUF as a member in The Finance Act 2010 orThe Finance Act 2011??

22.

V.R.Parameswaran says:November 29, 2011 at 9:39 AM

Please give a list of constituents of an HUF who will qualify to be called coparceners

23.

V.R.Parameswaran says:November 29, 2011 at 9:37 AM

Please give me a list of constituents of an HUF who will are qualified to be called coparceners.

Regards/Param

24.

A.L.Gera says:November 7, 2011 at 8:07 PM

Dear Sir, Can I form HUF with money received as gift from my daughter and also if i put the amount ofCapital Gain received from the sale proceeds of residential house

25.

Manan Shah says:October 3, 2011 at 11:06 AM

Can a minor member become the Co parcener

26.

Mahipal Shah says:September 28, 2011 at 12:13 PM

Can a Major married male member be allowed to be a karta of his own HUF including his spouse & kidand simultaneously be a coparcener of his father’s HUF???

27.

Harsh Vardhan Mangal says:28.


9 of 13 15-04-2014 21:51

September 28, 2011 at 11:53 AM

HUF comes in existence automatically when a male marries with the female. There are several rulings ofHonourable Courts in this regard.

Manoj Anand says:September 28, 2011 at 10:09 AM

Excellent article.

29.

rushi says:January 29, 2011 at 3:46 PM

It was indeed a very informative, crisp and clear article on huf. it solved most of my queries…..

30.

Pramila says:September 29, 2010 at 7:31 PM

My father died about 2 years back and wrote a will notifying that the proceeds of his residential houseshould be devided in 7 parts means among his wife and 6 daughters. I want to know the income/capitalgains rule for this income and also the way of investment to save this capital gain.

31.

J.S.Dugal says:September 12, 2010 at 12:04 PM

my father has a property which is a HUF property however this property in the estate office stands in hisindividual name.Q If he wants to gift this property under which law he must do under HUF or as an individual?

32.

DHANVANT SHAH says:July 31, 2010 at 12:02 PM

there is a will by karta of married son’s father’s bigger huf where he is adopted son mentioned in that will.will says to transfer all self acquired properties in son’s huf after demise of karta. son is also havingseperate huf as bigger huf.in this case 1) is will lawful under the various act. 2) is any release deed need to be taken from mother byson. 3) will these properties be son’s smaller huf property.

33.

natarajan says:February 1, 2010 at 4:58 AM

The couple issueless dissolves marriage thru’ divorce.Would the HUF still continue in the hands of themale. What is the position of the assets of the HUF.

34.

Rajesh says:January 30, 2010 at 11:27 AM

I think the above article has ignored the changed position of law of the amendment that has taken place in2005 to The Hindu Succession Act. A brief synopsis on the amendment is as under :

The Hindu Succession (Amendment) Act, 2005 (39 of 2005) comes into force from 9th September, 2005.The Government of India has issued notification to this effect. The Hindu Succession (Amendment) Act isto remove gender discriminatory provisions in the Hindu Succession Act, 1956 and gives the followingrights to daughters under Section 6:The daughter of a coparcener cell by birth become a coparcener in her own right in the same manner asthe son;The daughter has the same rights in the coparcenary property as she would have had if she had been a son;The daughter shall be subject to the same liability in the said coparcenary property as that of a son; andany reference to a Hindu Mitakshara coparceners shall be deemed to include a reference to a daughter of acoparcener;

35.


10 of 13 15-04-2014 21:51

The daughter is allotted the same share as is allotted to a son;The share of the pre-deceased son or a pre-deceased daughter shall be allotted to the surviving child ofsuch pre-deceased son or of such pre-deceased daughter;The share of the pre-deceased child of a pre-deceased son or of a pre-deceased daughter shall be allottedto the child of such pre-deceased child of the pre-deceased son or a pre-deceased daughter.After the commencement of the Hindu Succession (Amendment) Act, 2005, no court shall recognize anyright to proceed against a son, grandson or great-grandson for the recovery of any debt due from his father,grandfather or great-grandfather solely on the ground of the pious obligation under the Hindu law, of suchson, grandson or great-grandson to discharge any such debt.

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Political Parties to File ITR-7 electronically under digital signature wef A.Y. 2014-15Trusts to give notice for accumulation of Income (From 10) electronically from A.Y. 2014-15All Partnership Firms to file ITR 5 Form Electronically w.e.f. A.Y. 2014-15Proposed DTC allows tax Audit by Company Secretaries and Cost Accountants alsoAll about Dishonor of Cheque Under Negotiable Instrument Act, 1881Read All Featured News

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K.K. SARAWAGI: Soumya is correct to say that the period of accumulation is 5 years. Please see 2ndproviso to Sec.1gopal tulsyan: thk. for useful informationCMA ANIL SHARMA: Please clarify weather TDS is to be deducted on Service tax or any other Taxcomponent included in GB.S.K.RAO: DEAR PCJ SIR, KINDLY SPEAK ABOUT INCLUSIVE GROWTH OF ALL BYINCLUDING TAX LAWYERS ALSO. BECAUSE W

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