catchwords: HUF
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Can Jain Being Of Minority Community Continue In The Status Of HUF?
There is no restriction on Jains to be assessed under the status of “HUF” under the Direct Tax laws, even though Jain community has been declared as a minority community. No separate definition of the expression HUF has been attempted in any of the Direct Tax laws because the term has a definite connotation under the Hindu Law.
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What Is The Law On Impartible Estate Of HUF Property?
Section 6 of the Hindu Succession Act, 1956 as it stood before its substitution by the Hindu Succession (Amendment) Act, 2005 w. e. f. September 9, 2005 is reproduced as under:
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What Is The Value Of Ornaments That Can Be Taken Outside India?
From the fact, it is clear that querist’s son is Indian origin, U. S. Citizen, who has inherited certain gold ornaments and jewellery from his mother. As per sub-regulation (2) of regulation 4 of Foreign Exchange Management (Remittance of Assets) Regulations, 2000, a Non-Resident Indian (NRI) / Person of Indian Origin (PIO), may remit an amount,
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Whether TDS Is Applicable On Bill Discounting Charges?
CBDT Cir.No. 65{F. No. 275/79/TTJ] dt. 2/9/71. “Where the supplier of goods makes over the usance bill/hundi to his bank which discounts the same and credits the net amount to the supplier’s A/c. straightway without waiting for realization of the bill on due date,
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Is It Necessary To Have Partition Order In Case HUF Has Partitioned?
S. 171(3) of the Act mandates that on a claim being put forward under this section, the Assessing Officer shall hold an enquiry. Such enquiry shall be made as part of assessment proceedings. On completion of the enquiry
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Whether Gift Received Of Agricultual Land Is A Property For Section 56?
Yes, stamp duty value of agricultural land received without consideration exceeding Rs. 50,000/- is chargeable u/s. 56(2)(vii) of the Act except property received from relatives. The explanation (d) to the section
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How To Prove Gift Received From NRI Relative?
Section 56(2)(vii) of the Income tax Act, 1961 reads as under: “Where an individual or a Hindu Undivided Family receives, in any previous year, from any person or persons on or after
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Whether Gift Received By HUF From Its Member Liable To Tax?
U/s. 56(2)(vii) where an individual or HUF receives, in any previous year, from any person or persons on or after October 1, 2009, any sum of money without consideration the aggregate value which
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Whether U/s. 44AD The Limit Is Qua Assessee Or Qua Business?
Qua both. The scheme is applicable to “an eligible assessee engaged in eligible business” The salient features of the new presumptive taxation scheme are as under: a) The scheme is applicable to individuals, HUFs and partnership firms excluding limited liability partnership firms. It is also not be applicable to an assessee who is availing deduction under sections 10A,
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Whether Advocate Is Liable For TDS On Interest Payment?
1. Section 194(C) provides that no individual or HUF shall be liable to TDS on the sum credited or paid to the account of the contractor where such sum is credited or paid exclusively for personal purpose of such individual or any member of HUF.