Gift of huf property to coparceners
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 June 2013
Dear Expert,
Can a HUF divide a property in its name among the coparceners while still continuing to exist.
Can this be done via gift? What would be the tax implications in this case?
Please advise
Can a HUF divide a property in its name among the coparceners while still continuing to exist.
Can this be done via gift? What would be the tax implications in this case?
Please advise
08 June 2013
For the Income-Tax purposes the property income will be considered in the hands of HUF only, as it will be treated as partial partition.
.
In the property of HUF, the coparceners also have their own individual rights. It may be a case like a person making a gift to himself. So "via gift" route should not be adopted as it may have more implications U/s 56.
.
.
.
In the property of HUF, the coparceners also have their own individual rights. It may be a case like a person making a gift to himself. So "via gift" route should not be adopted as it may have more implications U/s 56.
.
.
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