Section 171 of ITA, 1961 : Section 171: Assessment After Partition Of A Hindu Undivided Family
ITA, 1961
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Explanation using Example
Imagine a joint Hindu family that owns a business and various properties, and files taxes as a Hindu Undivided Family (HUF). One day, two of the family members decide to separate their shares and live independently. They approach the Income Tax Department to recognize this partition.
The Assessing Officer, upon receiving the claim for partition, issues notices to all family members to investigate the matter. After the inquiry, the officer confirms that a partial partition has occurred and records the date of partition.
For tax purposes, the family's income up to the date of partition is assessed as if the family was still undivided. Each member, now separated, is also held jointly and severally liable for the...
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