HUF
This query is : Resolved
03 February 2009
Hi All...
I have One query regarding taxability of self acquired property deceased who dies inestate in the hands of his son? Whether Son can claim it in his Huf or it is his individual Income as property which he is receving is Self Acquired by his late fathers?
pls help me
I have One query regarding taxability of self acquired property deceased who dies inestate in the hands of his son? Whether Son can claim it in his Huf or it is his individual Income as property which he is receving is Self Acquired by his late fathers?
pls help me
CA. B.SRINIVASULU
(Expert)
03 February 2009
It has to be treated in his indvidual file.
CA. B.SRINIVASULU
(Expert)
03 February 2009
HUF means hindu undivided family.
If a person dies without leaving any will then the property has to be shared by all his leagl heirs or if it is of forefathers property then also it has to be shared by all the family memebrs. (ie. total property / number of members .) Then huf will be formed and the assets will continue in the hands of huf and then income will be taxed in the hands of huf.
Contrary if the members divides the assets and takes pocession individullay then in their individual returns it will be treated as capital receipt of their respective shares.
if a person dies and he has no child or only one child and mother is already died , then it will to his individual file.
If a person dies without leaving any will then the property has to be shared by all his leagl heirs or if it is of forefathers property then also it has to be shared by all the family memebrs. (ie. total property / number of members .) Then huf will be formed and the assets will continue in the hands of huf and then income will be taxed in the hands of huf.
Contrary if the members divides the assets and takes pocession individullay then in their individual returns it will be treated as capital receipt of their respective shares.
if a person dies and he has no child or only one child and mother is already died , then it will to his individual file.
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