11 May 2012
THe HUF of HK consists of four members i.e Karta his two sons A & B and his wife C. HUF owns a commercial property bought in 1982 for Rs. 30,000/-. Now the karta of HUF with the consent of other members of HUF wants to transfer the said property in the name of his elder son A who is already doing business from the said premises. Another son B is a NRI. Which out the following methods is most suitable method vis-a-vis liability and legal position under Hindu Succession Act.
1. Gift of property by HUF. Can elder son in his individual capacity with consent of other members be gifted the property?
2. Dissolution of HUF- can other members relinquish their rights in favour of elder son.
3. Sale of property to elder son by HUF before dissolution or sale of individual share of members to elder son after dissolution of HUF.
11 May 2012
Disolution of HUF will be the best Idea...as such sale will be having a charge and stamp duty need to paid so..and else the full methodology can be planned in other way also...
CAclubindia
