My name is shivam sinha this is for the testing purpose
11 Feb, 2023
The most pivotal point that is associated with the partition of HUF (Hindu Undivided Family) is the Income Tax implication is attached as per the Income Tax act. It has nothing to do with Hindu Law. The IT Act 1961 Section 171(1) is responsible for handling this kind of situation.
The HUF income tax is levied with the same tax rate compared to the individuals as per the IT Act 1961.
In legal terms, partition means a division of property. The property must be divided among the family members physically. Share portion of each member must be segregated physically as per the law. The HUF income tax slab is also included in it.
The HUF (Hindu Undivided Family) partition is of two types as per Hindu law.
You can have a look at it:
All the members of the Hindu Undivided Family cannot be legally considered as members of HUF after the division of physical assets. The properties of HUF cannot be called Hindu Undivided Family assets.
2. Partial Partition:
The partial partition of the Hindu Undivided Family means some members leave the HUF and some members remain in it. As per the IT Act 1961, the division of property is specific also. A part of the property must be partitioned among the parting members and the rest-of-the-property must remain in an undivided position among the remaining members.
Have a look at who is eligible to obtain a property part.
These are the eligible persons who will get a part of the property.
As per the IT Act 1961, this is the HUF (Hindu Undivided Family) tax implication rule.
The IT Act 1961 Section 171 deals with both the complete and partial assessment process of HUF.
The undivided HUF income tax calculation will be considered as undivided till the date of partition. If any undivided family member or coparcener forms a new HUF or be a member of a new HUF then the IT act 1961 will be enforced on him/her as per the new HUF.
Section 171(9) of IT Act 1961 deals with the partial HUF assessment process. December 31, 1978, is a landmark for partial assessment. The one point to be remembered is that IT Act 1961 Section 171 will only be applicable if a family is assessed as HUF or joint family first.
This is an overall description of HUF or the undivided Hindu family. How the IT Act 1961 Section 171 is applicable for Hindu Undivided Family.
It is a recognised fact that HUF or the undivided Hindu family inherits a good amount of property. So, HUF taxation, inheritance tax and ITR filing are important for the members of the Hindu Undivided Family.
As a member of an undivided Hindu family, you can consult the tax experts of Online Legal India™ for any kind of tax-related consultation.
My name is shivam sinha this is for the testing purpose
11 Feb, 2023
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