Vivek Mehta (CA, DISA,CS, MBA) (I am in Practice and also giving underst) (1629 Points)
22 May 2011
CMA. CS. Sanjay Gupta
("PROUD TO BE AN INDIAN")
(114230 Points)
Replied 22 May 2011
No. As the name suggests, an HUF is a family of Hindus. However, even Buddhists, Jains and Sikhs are regarded as Hindus, and can, therefore, set up HUFs.
Vivek Mehta (CA, DISA,CS, MBA)
(I am in Practice and also giving underst)
(1629 Points)
Replied 22 May 2011
| Originally posted by : CMA. Sanjay Gupta | ||
 |
No. Normal 0 false false false MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Times New Roman"; mso-ansi-language:#0400; mso-fareast-language:#0400; mso-bidi-language:#0400;} As the name suggests, an HUF is a family of Hindus. However, even Buddhists, Jains and Sikhs are regarded as Hindus, and can, therefore, set up HUFs. |
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Sir thn why are Christians not regarded as Hindus..... when jain Sikhs etc are regarded as Hindus
Aditya Maheshwari
(CA in Practice)
(35867 Points)
Replied 22 May 2011
Hindu is the main caste whereas Marwadis, gujratis, sikhs, etc. are sub caste. So the above reply by Sanjayji.
CA Ghanshyam Joshi
(CA, Dip IFR (ACCA UK))
(3229 Points)
Replied 23 May 2011
Extract from New Final DT Study material - page 1.12 & 1.13 -
(ii) HUF - Under the Income-tax Act, a Hindu undivided family (HUF) is treated as a separate entity for the purpose of assessment. It is included in the definition of the term “person” under section 2(31). The levy of income-tax is on “every person”. Therefore, income-tax is payable by a HUF. "Hindu undivided family" has not been defined under the Income-tax Act. The expression is however defined under the Hindu Law as a family, which consists of all males lineally descended from a common ancestor and includes their wives and unmarried daughters. The relation of a HUF does not arise from a contract but arises from status. A Hindu is born
into a HUF. A male member continues to remain a member of the family until there is a
partition of the family. After the partition, he ceases to be a member of one family. However,
he becomes a member of another smaller family. A female member ceases to be a member
of the HUF in which she was born, when she gets married. Thereafter, she becomes a
member of the HUF of her husband.
Some members of the HUF are called co-parceners. They are related to each other and to the
head of the family. HUF may contain many members, but members within four degrees
including the head of the family (kartha) are called co-parceners. A hindu co-parcenary
includes those persons who acquire by birth an interest in the joint coparcenary property.
Only the coparceners have a right to partition.
A Jain undivided family would also be assessed as a HUF, as Jains are also governed by the
laws as Hindus.
Schools of Hindu Law
There are two schools of hindu law. They are –
(1) Mithakshara school of hindu law
(2) Dayabhaga school of hindu law
Mithakshara law is followed by entire India except West Bengal and Assam. There is a basic
difference between the two schools of thought with regard to succession. Under the
Mithakshara law, the inheritance is by birth. One acquires the right to the family property by
his birth and not by succession irrespective of the fact that his elders are living. Thus every
child born in the family acquires a right/share in the family property.
Dayabagha law prevails in West Bengal and Assam. In Dayabagha law, nobody acquires the
right, share in the property by birth as long as the head of family is living, that is, the children
do not acquire any right, share in the family property, as long as his father is alive and only on
death of the father, the children will acquire right/share in the property. Thus, the father and
his brothers would be the coparceners of the HUF
CA Rakesh Garg
(Asst. MGR Taxation)
(510 Points)
Replied 24 May 2011
very good explained joshi ji. thnx 4 dat.
Vivek Mehta (CA, DISA,CS, MBA)
(I am in Practice and also giving underst)
(1629 Points)
Replied 31 May 2011
Vivek Mehta (CA, DISA,CS, MBA)
(I am in Practice and also giving underst)
(1629 Points)
Replied 31 May 2011
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