capital gain
This query is : Resolved
16 April 2011
Dear All, A B C and D are co parceners of a HUF E. A property is in the name of co parcener B in the HUF. B has recently sold another individual residential apartment and capital gains arises. Now to save capital gains can the HUF property in the name of B be sold to B by the HUF. Kindly advice.
16 April 2011
The coparceners are having inherited rights in the property of HUF therefore how the HUF can sell the property to its members. HUF can alinate the property amongst its members but can not sell it. The transaction will become invalid in the eyes of law. Therefore it will not be advisable to sort for such tax planning.
16 April 2011
Will it be the same even if the sale is for a consideration (market value) of course no registration will be possible. But the property will be accounted in the coparceners individual account and return.
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