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Mindblown: a blog about philosophy.

  • Wakf and Religious Endowment

    Mulla’s Mohammedan Law defines Wakf as “Wakf means the permanent dedication by a person professing the Mussalman faith of any property for any purpose recognised by the Mussalman Law as religious, pious or charitable.”

  • Hindu Succession Act , 1956 – Hindu Undivided family (HUF )

    Hindu Succession Act, 1956, the separate property of the father inherited upon intestacy by the son is to treated as son’s separate property and not as the property of his joint family.

  • Hindu succession Act , 1956 – Can husband and wife form an HUF

    A Hindu Undivided Family (HUF) is the normal condition of Hindu Society. The HUF with all its incidents is a creature of law and cannot be created by act of parties.

  • Hindu Succession Act , 1956 – Effect of Succession (Amendment) Act 2005

    The Hindu Succession Act, 1956 has been amended in the year 2005 with a view to give daughter on birth, same right as a son on his birth. Consequently, the daughter has the right to be a co-parcener and also right to claim partition or vest her individual property in the HUF. These are important right hitherto denied to daughters, The amendment takes effect from September 9, 2005.

  • Hindu Succession Act, 1956 -Hindu Undivided family (HUF) -Formation of HUF

    C. Krishna Prasad v. CIT [97 ITR 493], the Supreme Court clarified that family signifies a group plurality of persons is an essential attribute of a family

  • Foreign Exchange Management Act , 1999- Foreign Remittance

    No, as per Liberalised Remittance Scheme (LRS) updated as on August 2, 2017 vide Notification No. RBI/FED/2017-18, a resident individual through authorised dealer may remit up to USD 2,50,000 per financial year to any permitted current or capital account transactions or a combination of both. The scheme is not available to corporates partnership firms, HUF, trust. The permissible capital account transactions inter-alia, includes purchase of property abroad.

  • Demonetization- Effect of demonetization

    After midnight of November 8, 2016, notes of Rs. 500/- or Rs. 1000/- cease to be a legal tender, and therefore no person would accept the said notes except some places, wherein they have been considered as legal tender till the Government notifies i.e. at petrol pumps, hospitals, medical stores etc. So no person can raise a bill for supply of goods or services on or after November 8, 2016 for accepting notes of Rs. 500/ or Rs. 1,000/-.

  • Co -Operative Housing Society – Will would prevail over nomination

    There is difference between assignment and nomination. From the fact it is clear that you have nominated your daughter but you have not assigned your flat to your daughter. To avoid any complication in future, it would be advisable that you should make a “Will” clarifying your intention. On your death “Will’ would prevail over your nomination [see Sarbati Devi v. Usha Devi (55 Comp Cases 214 (SC)] and Vishin Khanchandani v. Vidya Khanchandani [246 ITR 396 (SC)]

  • Corporate Social Responsibility

    Section 128 of the Companies Act, 2013 mandates every company to maintain its books of account on accrual basis. As per AS-1 “Disclosure of Accounting Policies” in accrual basis cost and revenue are accrued that is recognised as they are incurred or earned and recorded in the financial statements of the periods to which they relate.

  • Companies Act , 2013 -Depreciation

    Querist should obtain technical evaluation report for claiming higher depreciation i.e. claiming useful life less than Schedule II of the Act.

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