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TMI BlogTaxation of Hindu Undivided FamilyX X X X Extracts X X X X X X X X Extracts X X X X ..... ough are not governed by the Hindu Law, but they are treated as HUF under the Act. Hindu Coparcenary A Hindu Coparcenary includes those persons who acquire by birth an interest in Joint family property. Previously, it was limited to male descendants only. with the introduction of Hindu Succession (Amendment) Act, 2005 from September 6, 2005, daughters also are given coparcener status. Some members of the HUF are called co-parceners. they are related to each other and to the head of the family. A Hindu coparcenary includes those person who acquire a interest in joint family property by birth. Existence of Hindu Undivided Family The Existence of a HUF does not arises from a contract but arise from status. There not be more than one Male or on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hildren 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. Hence, the father and his brothers would be the coparceners of the HUF. Thus every child born in the family acquires a right/share in the family property. Manager of HUF or Karta : The person who manages the affairs of the family is known as Karta. Normally the senior most male member of the family acts as Karta. However a junior male member can also act as Karta with the consent of the other member. However, in view of the present social mores and needs of the modern progressive society this decision of the Supreme Court needs to be revised / reviewed. Besides ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erties are generally accepted as joint family property : Ancestral property; Property allotted on partition; Property acquired with the aid of joint family property; Separate property of a co-parcener blended with or thrown into a common family hotchpot. The provisions of Section 64(2) of the Income Tax Act, 1961 have superseded the principles of Hindu Law, in a case where a co-parcener impresses his property with the character of joint family property. Note:- Income includes loss. For the purpose of Section 64 income includes loss. Therefore, under all the provisions discussed above, where the income arising to one person is to be clubbed in the hands of another person, in the relevant loss, the loss shall be taken into account in computin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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