Huf

This query is : Resolved

Share Report Follow Query Ask a Query

SURAJ JOSHI

SURAJ JOSHI (Querist)
Follow

25 December 2012 What is the difference between specified and unspecified HUF???

Pankaj Gupta

Pankaj Gupta (Expert)
Follow

25 December 2012 I had not heard these terms previously. Where did you read them??

SURAJ JOSHI

SURAJ JOSHI (Querist)
Follow

26 December 2012 I have read this term in one of the income tax return filing software, where at the time of creating master of HUF assessee ,that whether this HUF is Specified or Unspecified.

Pankaj Gupta

Pankaj Gupta (Expert)
Follow

26 December 2012 The distinction between ordinary and specified HUFs has been done away w.e.f. 1.4.1997 i.e. A.Y. 1997-98. For Assessment Year 2007-08 the rate of tax on all HUFs would be the same as in the case of an individual. This change in the rates of tax has brought a lot of relief to specified HUFs i.e. the HUFs with one or more members having taxable income.

For more follow this link.....

http://taxguru.in/income-tax/taxation-of-hindu-undivided-family-huf-and-family-arrangement.html

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok