BARODA BRANCH OF WIRC OF ICAI SUB REGIONAL CONFERENCE 21 06 2013

1. BARODA BRANCH OF WIRC OF ICAI SUB REGIONAL CONFERENCE 21 06 2013 Topic : HUF, Family Arrangement, Succession, Will, Nomination : Legal & Tax aspects SPEAKER : CA. GHIA TARUN JAMNADAS : tarunghiaca@yahoo.co.in 9821345687 To Join for : Tax updates : Email to : tarunghiadirtaxes-subscribe@yahoogroups.co.in Property updates : PGVPMCPropertyupdates-subscribe@yahoogroups.co.in tarunghiadirtaxes-subscribe@yahoogroups.co.in PGVPMCPropertyupdates-subscribe@yahoogroups.co.in

2. 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? tarunghiadirtaxes-subscribe@yahoogroups.co.in PGVPMCPropertyupdates-subscribe@yahoogroups.co.in

3. 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 tarunghiadirtaxes-subscribe@yahoogroups.co.in PGVPMCPropertyupdates-subscribe@yahoogroups.co.in

4. Smaller HUF within a bigger HUF • Self acquired property, inherited property, HUF property

5. 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 tarunghiadirtaxes-subscribe@yahoogroups.co.in PGVPMCPropertyupdates-subscribe@yahoogroups.co.in

6. 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) tarunghiadirtaxes-subscribe@yahoogroups.co.in PGVPMCPropertyupdates-subscribe@yahoogroups.co.in

7. 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 tarunghiadirtaxes-subscribe@yahoogroups.co.in PGVPMCPropertyupdates-subscribe@yahoogroups.co.in

8. 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 tarunghiadirtaxes-subscribe@yahoogroups.co.in PGVPMCPropertyupdates-subscribe@yahoogroups.co.in

9. 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 tarunghiadirtaxes-subscribe@yahoogroups.co.in PGVPMCPropertyupdates-subscribe@yahoogroups.co.in

10. 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 tarunghiadirtaxes-subscribe@yahoogroups.co.in PGVPMCPropertyupdates-subscribe@yahoogroups.co.in

11. 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 tarunghiadirtaxes-subscribe@yahoogroups.co.in PGVPMCPropertyupdates-subscribe@yahoogroups.co.in

12. 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 tarunghiadirtaxes-subscribe@yahoogroups.co.in PGVPMCPropertyupdates-subscribe@yahoogroups.co.in

13. 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 tarunghiadirtaxes-subscribe@yahoogroups.co.in PGVPMCPropertyupdates-subscribe@yahoogroups.co.in

14. 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 tarunghiadirtaxes-subscribe@yahoogroups.co.in PGVPMCPropertyupdates-subscribe@yahoogroups.co.in