The Income Tax Act's Section 54C, which allows tax exemptions on long-term capital gains on the sale of residential property, is thoroughly explained in this blog. For taxpayers wishing to reinvest in newly constructed residential properties, it describes the qualifying standards, investment needs, and filing methods. The blog also offers helpful examples of how to compute the exemption and what paperwork is required in order to claim it.

As the Assessment Year (AY) 2024-2025 approaches, Hindu Undivided Families (HUFs) must be well-prepared for their tax filings. This guide provides a detailed overview of the returns and forms applicable to HUFs, helping ensure compliance and optimize tax liabilities. From understanding the nature of HUFs and their income sources to selecting the correct ITR forms and following the filing process, this comprehensive guide covers everything you need to know for a smooth tax season.

Discover the ins and outs of Section 80TTA of the Income Tax Act, 1961, and how it benefits individual taxpayers and HUFs by offering tax deductions on interest income from savings accounts.

This blog discusses the concept of Hindu Undivided Family (HUF) in India and how it can be used as a powerful tool for tax planning. It explains that HUF is a legal entity that comprises all members of a coparcenary and holds property jointly, with income generated being shared by all members. The blog then explains the tax benefits of HUF, which include obtaining multiple PAN cards, lower tax rates, clubbing provisions with limited impact, and investment opportunities. However, it also highlights some important considerations to keep in mind before setting up an HUF, such as proper documentation, tax implications, and the long-term commitment involved. The blog concludes by emphasizing the need for careful planning and professional guidance to maximize the benefits of HUF while adhering to tax regulations.