Hindu Undivided Family

Do assets received from HUF partition belong to the son’s HUF?

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Do assets received from HUF partition belong to the son’s HUF?

We are residents of Mumbai and have an HUF in the name of our father, who owns various movable and immovable properties. It has three married sons, and their family members are members of the HUF. After my father’s death, my eldest brother worked as a Karta at the HUF. We plan to partition the … Read more

Here’s how to accurately declare assets in Schedule AL of your ITR

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Here's how to accurately declare assets in Schedule AL of your ITR

Schedule AL was introduced in 2016 after the discontinuation of the wealth tax. Prakash Hegde, chartered accountant at Acer Tax & Corporate Services LLP, explains, “The government wanted a monitoring system to check if the value of a taxpayer’s assets corresponds to the income earned by them. Thus, Schedule AL was introduced.” To help taxpayers … Read more