14 December 2014
There is a HUF whose karta, his wife and his 4 daughters are members thereof. Now, on partition of huf karta wants to divide property of huf between him and his wife only. The daughters will not get anything from partition of huf. And daughters have given their agreement in doing so. Is it allowed legally?
15 December 2014
As per HINDU law, the same can be done. No issues. (The income tax derecognises PARTIAL partition....so the care be taken that the same should NOT tentamount to PARTIAL partition in the eyes of Income Tax)
CAclubindia
