Gift by grand father to son's huf

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Rahul Gupta (Querist)

08 October 2016 My Father wants to transfer immovable property in name of my HUF. This Huf consist of me my wife and my son.

How can he transfer this income earning property.
Please advice. How best can we do through Will or gift.?

I have read these articles https://www.caclubindia.com/articles/gifts-to-and-from-huf-20454.asp
https://www.caclubindia.com/experts/gift-received-by-huf-771110.asp

But it has created more confusion, then giving clarity.

Harsh Katara

Harsh Katara (Expert)

08 October 2016 The Best way to do it is let your father gift you which will be considered exempted as gift from relative and then you can transfer that property to your HUF.

Rahul Gupta

Rahul Gupta (Querist)

09 October 2016 What is the best way to transfer..registered gift deed or Will.
Please advise.

Rahul Gupta

Rahul Gupta (Querist)

09 October 2016 What is the best way to transfer..registered gift deed or Will.
Please advise.

Kaushik Joshi

Kaushik Joshi (Expert)

09 October 2016 Dear Rahul Gupta, Either ways are good. Registered gift deed will transfer the property in your name as soon as it is registered. in case of will, property will pass on after the death of the will holder. if you feel will is preferable, he can transfer it directly to your huf also in case of the will.

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Rahul Gupta

Rahul Gupta (Querist)

14 October 2016 Also Sir, please advise, if i transfer this commercial land purchased by my own funds, not ancestral) , to my HUF name and construct this property and start earning rent in HUF name. is this ok.

Rahul Gupta

Rahul Gupta (Querist)

16 October 2016 Can you also advice if, such income will fall under clubbing provision.

Harsh Katara

Harsh Katara (Expert)

16 October 2016 First of all transfer by HUF member to HUF is not considered transfer and once the property comes under HUF name, income will be considered under HUF only. But remember the property you transfer in name of HUF, can only be released during dissolution of HUF and will be divided in the share proportion of members.

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