Residential status of HUF

-

A Hindu Undivided Family (HUF) is said to be resident in India if the control and management of its affairs are wholly or partly situated in India.

A resident HUF is treated as Resident and ordinarily resident in India if the Karta (inclusive successive karta) satisfies satisfies both of the following conditions

(i) he has been resident in India in at least 2 out of 10 years immediately preceding the relevant year

(ii) he has been in India for a period of 730 days or more during 7 years immediately preceding the relevant year.

If karta doesn’t satisfies any of the above conditions then HUF is treated as Resident but not ordinarily resident.

If HUF’s control and management is situated wholly outside India then it is treated as non resident.

Comments

Post a Comment

Popular posts from this blog

CS Executive Corporate and Management Accounting Notes (CMA Short Summary Notes)

-
CS Executive Corporate and Management Accounting Notes Introduction to Financial Accounting Accounting is the art of recording, classifying and summarizing transactions and events which are of a financial character in terms of money, and interpreting the results thereof. Three main branches of accounting are financial accounting, cost accounting and management accounting. Accounting functions are: keeping systematic records; protecting and controlling business properties; ascertaining the operational profit/loss; ascertaining the financial position of the business; and facilitating rational decision-making. Accounting is the language of business and is used to communicate financial and other information to different interested parties, like owners, manager, creditors, investors, researchers and government. Accounting information should be relevant, reliable, comparable, understandable, timely, neutral, verifiable and complete. Accounting can be based on cash or accrual sys
Read more

CS Executive Both Groups Scanner 2021-22 Edition For June/December 2022

-
Image
CS Executive Group 1st Latest CS Aspirant Scanners 2021 - 2022 Download Free  For December 2021 & June 2022 SBEC Scanner Edition 2021 Download Link -  https://drive.google.com/file/d/10MkH6di8I4EfNAkFs0at_Z4ZDMlGM2qB/view?usp=drivesdk JIGL Scanner Edition 2021 Download Link -  https://drive.google.com/file/d/10FGEOoOjh7RpgSxCqyMWLltO_YHfCw_q/view?usp=drivesdk Company Law Scanner Edition 2021 Download Link -  https://drive.google.com/file/d/10APzsz7Y01ddkZjAqPGwFAJhFfqD2G8i/view?usp=drivesdk Tax Law Scanner Edition 2021 Download Link -  https://drive.google.com/file/d/11T6S2T3VFdoJ6IgKXHP8haKh9p78B_wn/view?usp=drivesdk CS Executive Group 2nd  Available in November 21 EBCL Scanner Edition 2021 Download Link -  CMA Scanner Edition 2021 Download Link -  FMSM Scanner Edition 2021 Download Link -  SLCM Scanner Edition 2021 Download Link -  Team CS Aspirant cs executive scanner for june 2021 pdf download cs executive scanner for dec 2021 cs executive scanner for june 2021 cs e
Read more

Chapter 13 Arbitration and conciliation summary - JIGL Short Notes

-
Image
Arbitration and conciliation summary All CS Notes & Updates - CSEET / Executive / Professional - CS Exam (Company Secretary ) CS Aspirant: cs-aspirants (Part 1/3)  Arbitration and conciliation summary https://www.instagram.com/p/CSTF1QzKO2G/?utm_medium=share_sheet cs-aspirants (Part 2/3)  Arbitration and conciliation summary https://www.instagram.com/p/CSTGE2SK6sA/?utm_medium=share_sheet cs-aspirants (Part 3/3) Arbitration and conciliation summary https://www.instagram.com/p/CSTGPdcKv-e/?utm_medium=share_sheet Download Now Team CS Aspirant
Read more