Huf

This query is : Resolved

Rahul (Querist)
Follow

09 May 2018 We booked a property in the name of “HUF” in 2010. My father is KARTA. Me and my mother is co-pa in HUF . The allotment letter was issued by the builder in the name of the “karta” and co-par.The BBA was signed by, both the members (karta and co-Par)Some of the payment was made to “Builder” from co-parc personal bank account.The property was purchased under CLP plan and in 2017 we received a possession letter from the “builder”and asked for the full and final payment. Later the purchaser (we)sell the said property.The balance payment of 5 to10 was made to “builder” by new owner. While considering the BBA and allotment letter The New purchaser made a payment in both the account 1. Karta 2. Co-parc. personal bank account Would you pls help me to make me understand how do we calculate the LTCG (if it’s there) in both the name (huf and co-parc)

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

09 May 2018 Since the property has been purchased in the name of HUF it is HUF Property. The payments made by the members of HUF including the Karta are made on behlaf of the HUF.
.
Similarly the new buyer has made direclty or indirectly the payments to HUF or on HUF's behalf.
.
What ever extra the members and Karta have received can be repaid to the HUF.
.
Compute tax in the hands of HUF. if there is any tax liability.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

SHUBHANGI GOEL

Shailesh Prajapati

Adesh Mahajan

Angadi & Co

Jaipal Singh

Subscribe Now

Huf

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANT

Accountant

Article Assistant

CA Final

Manager- Finance and Compliance

GST CONSULTANCY