HUF

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This query is : Resolved

manu (Querist)

23 July 2011 HELLO SIRS,

1. I WANT TO KNOW THAT ONE INDIVIDUAL CAN TRANSFER HIS PROPERTY IN HIS OWN HUF OR NOT?

2. THE PROPERTY IS SHOWN IN HIS INDIVIDUAL BALANCE SHEET. THAN IT IS POSSIBLE OR NOT?

3. IF YES THAN WHAT IS THE PROSIGER ?

4. AND IF HE WANT DOING BUSINESS IN HUF THAN HE IS ABLE OR NOT?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

23 July 2011 1. I WANT TO KNOW THAT ONE INDIVIDUAL CAN TRANSFER HIS PROPERTY IN HIS OWN HUF OR NOT?

Reply-
An individual can transfer his property to his HUF but the same will not result in any capital gain. This will be called as converted property and income of the converted property will be included in the income of the transferor.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

23 July 2011 2. THE PROPERTY IS SHOWN IN HIS INDIVIDUAL BALANCE SHEET. THAN IT IS POSSIBLE OR NOT?
3. IF YES THAN WHAT IS THE PROSIGER ?

Please go through the Reply of Q No 1.
It is not advisable to do so.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

23 July 2011 4. AND IF HE WANT DOING BUSINESS IN HUF THAN HE IS ABLE OR NOT?

Reply-

Being the karta of HUF , he can do the business on behalf of his HUF.

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