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, 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.
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.
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.
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
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.
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/-.
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)]
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.
No, as per the Guidelines for Income tax scrutiny for financial year 2010/11 i.e. assessment year 2011/12 published on September 27, 2010, it has been clarified that: