In my HUF account I have shares of market value of Rs 25 lakh, Rs 2 lakh in bank account and Rs 10 lakh as advances to a firm. I have 2 married sons and one married daughter. After my demise how the shares get transferred to my childrens’ account, and what about the other … Read more
One can leverage the Hindu Undivided Family (HUF) to lower their tax burden. A HUF functions as a separate entity for tax purposes, allowing the couple and the HUF to claim tax deductions and exemptions individually. This way, one can significantly reduce one’s overall tax liability. Let’s explore how this works further. A HUF is … Read more
The income tax return forms, ITR-1, ITR-2 and ITR-4, for FY 2023-24 (AY 2024-25) are now available for e-filing on the Income Tax department portal. The online ITR forms were made available from April 1, 2024. Taxpayers eligible to file their tax returns can now login and fill their ITRs for FY 2023-24 using these … Read more