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CAN THE HUF SUN RISE WITHOUT A SON?

Courts have held that two male members are a must to constitute an HUF is a myth that must be dispelled! Under the Direct Tax Laws in our country, a Hindu Undivided Family (HUF) has been granted the status of an independent tax entity. Thus, an HUF has assumed a useful role in personal tax planning. No doubt, it is true that to constitute an HUF, there should be atleast two members and there cannot be an HUF...

BANK ON TERM DEPOSITS FOR AVAILING TAX SAVING

Investing in the ‘Tax Saving Deposit Scheme’ can be a great choice for NRIs & HUFs who cannot invest in PPF!               The Finance Act, 2006 enlarged the scope of investments and allocations eligible for deduction under Section 80C of the Income-tax Act through the inclusion of ‘a term deposit for a period of 5 years or more in accordance with a scheme framed by the Central Government.’  Pursuant to this,...

TAX SAVING VIA HUF

Granted the Status of an Independent Tax Entity HUF has a Key Role in Personal Tax Planning Under the Direct Tax Laws in our country, a Hindu Undivided Family (HUF) has been granted the status of an independent tax entity. Thus, an HUF has assumed a useful role in personal tax planning. Dispelling Myths about an HUF The term HUF has not been separately defined under the Direct Tax Laws and, therefore, this...

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