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Which act is being governing at HUF? |
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Answer» the Income Tax ACT, 1961 A HUF is a separate entity for taxation under the provisions of S. 2 (31) of the Income Tax Act, 1961. This is in addition to an individual as a separate TAXABLE entity. This INDICATES that a person may be assessed in two different capacities- as an individual and as a Karta of his HUF |
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