BARODA BRANCH OF WIRC OF ICAI SUB REGIONAL CONFERENCE Topic : HUF, Family Arrangement, Succession, Will, Nomination : Legal & Tax aspects  SPEAKER : CA. GHIA TARUN JAMNADAS : To Join for :  Tax updates : to : tarunghiadirtaxes-  Property updates : PGVPMCPropertyupdates-

 Governing laws and their relevance to taxation  Codified Laws in respect of Hindus : Hindu Marriage Act, 1955 Hindu Succession Act, 1956 Hindu Minority and Guardian Act, 1956 Hindu Adoption and Maintenance Act, 1956  Who is a Hindu?

A. HINDU UNDIVIDED FAMILY :  Schools of Hindu law  Concept of HUF, Composition of HUF and HUF Properties  Creation of HUF  Modes of acquisition of property by HUF

 Smaller HUF within a bigger HUF  Self acquired property, inherited property, HUF property

3. HUF vs. Hindu Coparcenary  Hindu Succession (Amendment) Act, 2005 and its implications  Position of daughter, wife, mother in HUF  Gifts of HUF Property  Will with respect to share in HUF Property

 Residential status of HUF u/s. 6 of Income Tax Act- Connotation of the term “control and management”  Sum received by a member out of the income of HUF  Blending of a coparcener’s property with HUF’s property  Clubbing provisions u/s. 64(2)

 HUF and business  HUF in partnership Application of unlimited liability in partnership Attachment of properties for tax dues of partnership firm Salary, commission etc. from partnership firm

 Salary, Remuneration, Commission by HUF to its members  Partition : total, partial, notional  De-recognition of partial partition u/s. 171(9)  Division of property by metes and bounds

 Partition and tax, stamp duty, registration, society transfer implications  Assessment after partition of HUF  Status of property received on partition  Right of a female to demand partition of HUF Property  Reunion, stamp duty, registration and tax implications  Salient Points in drafting of various documents in connection with HUF

B. FAMILY ARRANGEMENT :  Concept of Family Arrangement  Essentials for a valid family arrangement  Division of business houses by family arrangement  Implications of stamp duty in a family arrangement  Registration requirements in a family arrangement

 Income tax implications of a family arrangement  Salient points in drafting of various documents in connection with family arrangement  C. SUCCESSION, WILL, NOMINATION :  Succession: testate or intestate and applicable laws  Succession of immovable property and movable property  Intestate / testate succession with or without nomination

 Intestate and testate succession and kinds of properties: Freehold property, leasehold property, tenanted properties, shares in co- operative society, shares in a limited company, insurance monies, bank deposits, government securities, units, gratuity, (only family members can be nominated), PF (nomination only for dependants), PPF, shares in partnership, interest in HUF.  Will and Codicil  Capacity to make Will

 Testator, Executor, Administrator, Legatee  Attestation of a Will  Implications of witnesses being legatees, executor being a legatee  Salient points in Drafting of a Will  Registered will –Unregistered will  Stamp duty in a Will

 Probate, Letter of Administration, Succession Certificate  Gift in contemplation of death  Privilege Will, Unprivileged Will, Conditional Will, Holograph Will, Mutual Will  Will obtained by fraud, coercion or importunity.  Tax planning through WILL Thank You