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In this article I will give you tips and real life examples on how you can use HUF to save taxes legally. In real life this rent is shown as income of one individual and he pays the tax on it, however a HUF can be formed and the rent can be shown as the whole family income HUF and it can be taxed separately.
Until a few years, many Indians used to keep multiple PAN cards and used to show Income under different PAN cards and used these tricks to avail the benefit of slab rates by showing themselves as different persons. This however is illegal by law and is a punishable offence as one person cannot have more than 1 PAN Card.
Formation of HUF A false impression amongst people is that HUF needs to be created whereas the truth is that an HUF comes automatically into existence at the time of marriage of an Individual and no formal action needs to be taken for the same.
However, in case a person who wants to specifically register for creating an HUF, he can furnish a creation deed on a stamp paper The Format of Creation Deed Marraige life vs singal life be downloaded from here.
Two entities are extremely important for you to know in HUF are the coparceners and members. In real life, the most sought after solution is to show the rent as income of wife or anyone who has no income or less income so that the tax liability is least.
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But is it the best solution? Option 1 — If this Rental Income is shown in the hands of the Husband. Option 2 — If this Rental Income is shown in the hands of the Wife As this Income is arising to the family as a whole, the Govt has also extended this option of taxing this Income in the hands of the whole Family.
Although very few people in India know this fact family income can also be taxed in the hands of the whole family by forming an HUF. Option 3 — If this Rental Income is shown in the hands of the HUF The above 3 options clearly indicate that Option 3 is the best option as the least tax would be payable by the family if the Rental Income is taxed in the hands of the HUF.
A round stamp is not accepted as per RBI Circular. The same applies at the time of opening of bank account of Sole Proprietor as well.
Now transfer money by gifts etc to HUF capital keeping in view the clubbing provisions and tax on gifts under Income tax act, Remember there is no Tax on gifts in kind though they may attract clubbing provisions in some cases.
Saving tax by getting gifts One way of saving tax is by transferring the money received from strangers or family are taken as gifts in name of HUF. One important point here, if some stranger is giving gift to HUF, there is a limit of Rs.
That way the total tax liability of family can be minimized. Watch this video to learn more about HUF and Tax saving: Daughter also continues to be a Coparcener after her marriage of that family whether she also will be a member of HUF of her husband. Be cautious with HUF creation While all the above points excites people on opening a HUF account immediately and start taking tax benefit, there are some caveats and one has to be little careful.
Remember that HUF is a separate entity and represents the whole Family. Otherwise it will not break. Also for taxation point, a lot of people mislead the tax department buy using fake HUF transactions and therefore, HUF is looked with high degree of scepticism.
It would be a great investment, not an expense! Be aware that you cannot make a will out of HUF property. But this is not possible as that property belongs to HUF. Evaluate if HUF can really give you that kind of tax advantage or not for people who do not have high salary or who do not have a big enough family.
So make sure you can get the maximum out of the HUF and understand the limitations of opening HUF before you go for it. This article has been authored by CA Karan Batra who blogs on charteredclub. Are you going to open a HUF account?Having a family and living with a spouse gives individuals something to live for, compared to their single counterparts who may have been used to living a self-centered life.
Researchers have also found that men, in particular, benefit from marriage in the life span department. And I have not any singal bad habeat like smoking drinking and etc. Reply. Ankur VermaAnkur and sir one think I want to rember u that I don’t take tobacco pan n alphabetnyc.come in my life I never been taking this alphabetnyc.com even alcohol.
Research Papers on Married and Single Life Married and Single Life Research Papers delve into the advantages and disadvantages of both lifestyles. Dec 07, · Soledad O'Brien: Who is black in America? I am. Editor's Note: you could look forward to wearing a ball and chain and being whipped for the rest of your life. Blacks do not have a monopoly on being mistreated, although in America they think the do. we already are. there hasent been a person of a singal race in america for. Married Life. 8 Signs Your Marriage is Stronger Than You Realize. Whether you've been married for years or days, there are certain traits of a strong marriage that are important to know. December 19, © - WeddingWire, Inc.
so y im suffering this ulcer pls help me worried about future,marraige of daughters,failing. What Is the 'Normal' Amount of Sex for Married Couples?
Maybe our sex life is a problem, and we should be having it more frequently. There may be an average amount, but no "normal." I have seen surveys suggesting an average frequency of sex for married couples to be around a couple of times a month (once every days).
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