by Audit Analyst | Nov 26, 2025 | Hindu Undivided Family
Income tax return filing • 31st July is the standard due date for HUFs not requiring audit• If the HUF’s accounts need to be audited, the due date is 31st October • For HUFs entering international transactions or specified domestic transactions, the date extends to...
by Audit Analyst | Nov 26, 2025 | Hindu Undivided Family
Separate taxable entity • HUF is recognized as a separate legal entity under the Income Tax Act• It enjoys the same basic exemption limit and slab rates as an individual taxpayer• Income earned in the HUF’s name reduces the burden on individual members• This...
by Audit Analyst | Nov 26, 2025 | Hindu Undivided Family
Tax treatment under Income Tax Act • Lottery income is taxed under the head “Income from Other Sources”• Section 115BB applies a flat tax rate of 30% on such income• This rate is applied without allowing normal slab rate benefits• The income is taxed in the hands of...
by Audit Analyst | Nov 26, 2025 | Hindu Undivided Family
Ownership by the HUF • The house property must be owned by the Hindu Undivided Family as a legal entity• Property acquired through ancestral funds, gifts to the HUF, or HUF business income is eligible• The title should be in the name of the HUF and not an individual...
by Audit Analyst | Nov 26, 2025 | Hindu Undivided Family
Meaning of self-acquired property • Self-acquired property is one that a person earns or acquires using their own efforts and resources• It includes assets bought from salary, business income, or personal investments• It is distinct from ancestral or joint family...
