Commentary on Hindu Undivided Family - Taxsutra Reservoir

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Commentary on Hindu Undivided Family

FORMATION, MANAGEMENT & TAX PLANNING
by Ramesh Kumar Patodia
Categories: GST & Other Indirect Taxes, Company Law
Publisher: B.C.Publications
About Book:

The last edition of the book was published in the year 2014 in the aftermath of amendment made to the Hindu Succession Act, 1956 by the amending Act of 2005 when the rights of daughters were recognised by the law. However, inspite of such amendment, it was not until the year 2020 when such amendments were interpreted in the case of Vineeta Sharma vs Rakesh Sharma & Ors (2020) 9 SCC 1(SC) by three judges bench of the Supreme Court of India on 11th August 2020 when Hon’ble Justice Arun Mishra writing on behalf of himself and his brother judges clarified that the amended law was applicable to all daughters whether married or born on or before the date of amendment made in the year 2005 or after that date by overruling the earlier decision of Supreme Court in the case of Prakash & Ors vs Phulavati & Ors. (2016) 2 SCC 36 (SC). Thus, the law now can be said to be settled in this regard. It is also now clear that the female can act as a Karta of HUF and it is not necessary for a Joint Hindu Family either under the Hindu Law or under the Income-tax Act,1961 to have male child in order to be constituted validly.

The book also deals with the controversy which had been existing regarding the deemed dividend u/s 2(22)(e) of the Income-tax Act,1961 when the Karta was the registered shareholder but the beneficial ownership was with the HUF and which has since been clarified by the Supreme Court in the case of Gopal and Sons (HUF) vs CIT, Kolkata-XI (2017) 3 SCC 574(SC).

On 19th April, 2022 the Supreme Court in the case of K.C. Laxmana vs K.C. Chandrappa Gowda & Anr 2022 Live Law (SC) 381 laid down important law regarding the powers of Karta regarding gift/alienation of the HUF property and the same has been discussed in this book. The present edition thus takes into account the effect of all these decisions and pronouncements. The book also deals with the amendments as well as other changes which have been made in these years under the Income-tax Act, 1961 primarily and other laws that effect the manner in which the HUFs are governed and functioning within the frame work of law.

The book has incorporated the various important Law Commission Reports also which have dealt with the Hindu Law in detail. One issue which is now before the Supreme Court regarding challenge to Section 15 of the Hindu Succession Act, 1956 as being discriminatory has also been dealt with. The book will be useful for all the HUF assessees as well as for all the professionals who are involved in managing the affairs of HUF on behalf of their Clients. 

Author: Ramesh Kumar Patodia
About Author:
Ramesh Kumar Patodia :

Ramesh Patodia is a commerce graduate from St. Xavier’s College, Kolkata and a qualified Chartered Accountant in practice for over 36 years. He has been in continuous practice mainly in Corporate Consultancy and Litigations in the field of Direct & Indirect tax laws, Regulatory laws and Commercial laws. He has handled wide variety of consulting matters of large corporates and multi- national corporations in the field of mergers & acquisitions, corporate restructuring, strategizing & planning of foreign investments across sectors, domestic and international taxation.

Litigation has been his favourite area of practice and he has advised corporates and multinational corporations in the field of direct tax, indirect taxes, FERA / FEMA & FDI laws, SEBI laws, RBI laws across segments. Ramesh has travelled extensively in India and abroad in connection with his litigation practice and has represented widely before the various appellate authorities viz. CESTAT, ITAT, Appellate Tribunal for Foreign Exchange and other forums. During his long tenure of practice, Ramesh had the privilege to work and interact with legal luminaries throughout the Country in connection with various litigations across Courts in India including Supreme Court and in UK.

Ramesh is a regular speaker at various professional forums and is a regular contributor of articles in the professional publications on variety of topics He has to his credit publications namely, (a) Incentive for Power, Telecom and Infrastructure Sectors- A commentary on Section 80-IA of the Income Tax Act, 1961, (b) Complete Guide to Reassessment u/s 148 of Income-tax Act,1961, (c) The Direct Tax Vivad Se Vishwas Act, 2020. On a personal front, he is a person of benevolence and spends his personal time in assisting to the cause of society by serving underprivileged section of the society as Trustee of Shree Ranisatiji Mandir, Jhunjhunu and of Gayatri Foundation, Kolkata and actively participates in several social welfare activities too on various platforms.

About Publisher:

B.C.Publications is the publishing arm of Book Corporation, a leading law book selling and publishing concern, more than 50 years old and serving the professional fraternity in India.  Late Sri Kishan Gopal Maheshwari is the mastermind behind the set up of this publishing house. He believed - “Book is Knowledge, Knowledge is Power and a Book is Power House” for all the professionals. BC Publications publishes diverse range of publications in the area of taxation, company law, civil laws, industrial and labour law, etc. The publishing house is famous for giving opportunities to new and aspiring authors and provide them the opportunity to showcase their work to the professional community at large.

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Categories: GST & Other Indirect Taxes, Company Law
Publisher: B.C.Publications
About Book:

The last edition of the book was published in the year 2014 in the aftermath of amendment made to the Hindu Succession Act, 1956 by the amending Act of 2005 when the rights of daughters were recognised by the law. However, inspite of such amendment, it was not until the year 2020 when such amendments were interpreted in the case of Vineeta Sharma vs Rakesh Sharma & Ors (2020) 9 SCC 1(SC) by three judges bench of the Supreme Court of India on 11th August 2020 when Hon’ble Justice Arun Mishra writing on behalf of himself and his brother judges clarified that the amended law was applicable to all daughters whether married or born on or before the date of amendment made in the year 2005 or after that date by overruling the earlier decision of Supreme Court in the case of Prakash & Ors vs Phulavati & Ors. (2016) 2 SCC 36 (SC). Thus, the law now can be said to be settled in this regard. It is also now clear that the female can act as a Karta of HUF and it is not necessary for a Joint Hindu Family either under the Hindu Law or under the Income-tax Act,1961 to have male child in order to be constituted validly.

The book also deals with the controversy which had been existing regarding the deemed dividend u/s 2(22)(e) of the Income-tax Act,1961 when the Karta was the registered shareholder but the beneficial ownership was with the HUF and which has since been clarified by the Supreme Court in the case of Gopal and Sons (HUF) vs CIT, Kolkata-XI (2017) 3 SCC 574(SC).

On 19th April, 2022 the Supreme Court in the case of K.C. Laxmana vs K.C. Chandrappa Gowda & Anr 2022 Live Law (SC) 381 laid down important law regarding the powers of Karta regarding gift/alienation of the HUF property and the same has been discussed in this book. The present edition thus takes into account the effect of all these decisions and pronouncements. The book also deals with the amendments as well as other changes which have been made in these years under the Income-tax Act, 1961 primarily and other laws that effect the manner in which the HUFs are governed and functioning within the frame work of law.

The book has incorporated the various important Law Commission Reports also which have dealt with the Hindu Law in detail. One issue which is now before the Supreme Court regarding challenge to Section 15 of the Hindu Succession Act, 1956 as being discriminatory has also been dealt with. The book will be useful for all the HUF assessees as well as for all the professionals who are involved in managing the affairs of HUF on behalf of their Clients. 

Author: Ramesh Kumar Patodia
About Author:
Ramesh Kumar Patodia :

Ramesh Patodia is a commerce graduate from St. Xavier’s College, Kolkata and a qualified Chartered Accountant in practice for over 36 years. He has been in continuous practice mainly in Corporate Consultancy and Litigations in the field of Direct & Indirect tax laws, Regulatory laws and Commercial laws. He has handled wide variety of consulting matters of large corporates and multi- national corporations in the field of mergers & acquisitions, corporate restructuring, strategizing & planning of foreign investments across sectors, domestic and international taxation.

Litigation has been his favourite area of practice and he has advised corporates and multinational corporations in the field of direct tax, indirect taxes, FERA / FEMA & FDI laws, SEBI laws, RBI laws across segments. Ramesh has travelled extensively in India and abroad in connection with his litigation practice and has represented widely before the various appellate authorities viz. CESTAT, ITAT, Appellate Tribunal for Foreign Exchange and other forums. During his long tenure of practice, Ramesh had the privilege to work and interact with legal luminaries throughout the Country in connection with various litigations across Courts in India including Supreme Court and in UK.

Ramesh is a regular speaker at various professional forums and is a regular contributor of articles in the professional publications on variety of topics He has to his credit publications namely, (a) Incentive for Power, Telecom and Infrastructure Sectors- A commentary on Section 80-IA of the Income Tax Act, 1961, (b) Complete Guide to Reassessment u/s 148 of Income-tax Act,1961, (c) The Direct Tax Vivad Se Vishwas Act, 2020. On a personal front, he is a person of benevolence and spends his personal time in assisting to the cause of society by serving underprivileged section of the society as Trustee of Shree Ranisatiji Mandir, Jhunjhunu and of Gayatri Foundation, Kolkata and actively participates in several social welfare activities too on various platforms.

About Publisher:

B.C.Publications is the publishing arm of Book Corporation, a leading law book selling and publishing concern, more than 50 years old and serving the professional fraternity in India.  Late Sri Kishan Gopal Maheshwari is the mastermind behind the set up of this publishing house. He believed - “Book is Knowledge, Knowledge is Power and a Book is Power House” for all the professionals. BC Publications publishes diverse range of publications in the area of taxation, company law, civil laws, industrial and labour law, etc. The publishing house is famous for giving opportunities to new and aspiring authors and provide them the opportunity to showcase their work to the professional community at large.

Similar Books

Ratings and Reviews

Overall Rating
Review
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