Partition of Hindu Undivided Family and Its Taxation

• March 13, 2020
• CA Chandan Agarwal's Office

As we know HUF (Hindu Undivided Family) is assessed as a separate person under provisions of Income Tax Act, 1961. It has its own identity and right to own property but not a juristic person. It can sue and be sued as a person. It is governed by Karta of the family and consists of co-parceners of a single family.

HUF is charged at the same rate of taxes as applicable to individuals according to the provisions of Income Tax Act, 1961.

Partition means division of property. There must be property which can be physically divided among the members of the family. The division will be such as that the share of each member will be determined physically.

Read more on: https://taxguru.in/income-tax/partition-hindu-undivided-family-taxation.html