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Gift of huf property to coparceners

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Querist : Anonymous

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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
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
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.
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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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