Hindu Undivided Family Formation to Partition – Legal and Tax Implications By CA. Deepak M. Rindani. I. Basic Concepts: Who is a Hindu HUF – all persons lineally descended from a common ancestor and joint in property, food and worship HUF is not a juristic person in law
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- A’s Wife
Is in God’s hands, what we can do is to create HUF property once there is a family nucleus. Modes of creation of HUF property are:
1) By Blending:
2) By Gift from Non-members:
5) By Reunion:
Note: - Tax advantage of conversion has since been lost by insertion of Sec. 64(2) in IT Act, 4(IA) in WT Act