how to transfer income of houseproperty 4M individual to HUF

This query is : Resolved

ghanta sandeep (Querist)
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17 June 2011 IF Income from House property is shown in individuals income from last 3 years, now want to show that income in HUF of his own.

how to corpus the house property from individual to HUF.

WHAT IS LEGAL PROCEDURE TO TRANSFER.

THANKS.

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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17 June 2011 First of all it is to be seen that the house stands in whose name? If it is in the name of HUF then you cannot do anything but you have the alternative which is instead of leasing or renting out the same to outsiders land it to Individual and the difference between the old rent and new rent can be shown as income of the individual.

If the house is in the name of H.U.F then H.U.F cannot give gift to one single member. The other way around is go for full partition of H.U.F and sow the income in respective hands of the memebers of H.U.F

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