Assessment after partition: complete partition can trigger assessment on HUF net wealth, with members jointly and severally liable. If the Assessing Officer, after inquiry, is satisfied that joint family property has been partitioned as a whole among members or groups in definite portions, he shall record an order and assess the net wealth of the undivided family as such for the relevant assessment year(s), and each member or group shall be jointly and severally liable for the tax assessed. If not satisfied, the Assessing Officer may declare the family to continue as a Hindu undivided family for assessment purposes.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Assessment after partition: complete partition can trigger assessment on HUF net wealth, with members jointly and severally liable.
If the Assessing Officer, after inquiry, is satisfied that joint family property has been partitioned as a whole among members or groups in definite portions, he shall record an order and assess the net wealth of the undivided family as such for the relevant assessment year(s), and each member or group shall be jointly and severally liable for the tax assessed. If not satisfied, the Assessing Officer may declare the family to continue as a Hindu undivided family for assessment purposes.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
