Concept of huf

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MR. B

MR. B (Querist)
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22 April 2015 Y CONCEPT OF HUF IS INTRODUCED

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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26 April 2015 Had it not been introduced then how family business would have been taxed? It was introduced so that family business could be taxed in the hands of an entity called HUF.

Also see below links--

https://taxguru.in/income-tax/concept-huf-distinction-bw-coparcener-member.html

https://taxguru.in/income-tax/meaning-formation-taxation-membership-and-partition-of-huf.html

MR. B

MR. B (Querist)
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02 May 2015 U MEAN WITHOUT FAMILY, BUSINESS CAN NOT BE POSSIBLE

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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02 May 2015 Without family business is very much possible. You can have sole proprietorship firm but HUF is for family business.

Suppose where a family is doing business together then who will be taxed? HUF.

HUF is also for saving tax by distribution of Income and availing the exemption limit and deduction.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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02 May 2015 How can HUF help individual to save income-tax: https://www.moneycontrol.com/master_your_money/stocks_news_consumption.php?autono=1007010

Also see article from link given below;

https://www.charteredclub.com/how-to-save-taxes-by-forming-huf/

MR. B

MR. B (Querist)
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04 May 2015 WHATEVER U SAID IS CALLED EVASION OF TAX NOT SAVING OF TAX AS HUF IS CREATED JUST FOR TAX EVASION PURPOSE ....ACCORDING TO ME

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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04 May 2015 It is called Tax Planning and it is legal. Income Tax Act 1961 has provision for HUF.

MR. B

MR. B (Querist)
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16 May 2015 ITS LEGAL, BUT INTENTION IS TAX EVASION

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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16 May 2015 There is difference in Tax Planning as per laid down provision and Tax Evasion.