Huf
This query is : Resolved
CA NILESH AGRAWAL
(Querist)
15 May 2012
Dear Sir,
One of my clients has HUF in which he is karta. Sometime before his father has expired. His father also had HUF. After death of father he has become karta of that HUF also. Now he is karta in two HUF. My question is can a person become karta in two HUF.
Now his mother has also expired. Now he want to make partition of HUF of father among himself and his brother. What procedure we should adopt to make partition?
One of my clients has HUF in which he is karta. Sometime before his father has expired. His father also had HUF. After death of father he has become karta of that HUF also. Now he is karta in two HUF. My question is can a person become karta in two HUF.
Now his mother has also expired. Now he want to make partition of HUF of father among himself and his brother. What procedure we should adopt to make partition?
Sumti Bhadani
(Expert)
15 May 2012
A person can be a karta of two HUF. For the purpose of partition of HUF you will have to go for full partition and have to frame a deed of partition disclosing the division of HUF property among the members.
CA PARAS BAFNA
(Expert)
15 May 2012
I agree with the expert.
.
After partition, the property will go in the respective HUFs of two brothers.
.
In case, younger brother is still a bachelor, the property will be assessed in his Individual capacity till he gets married.
.
.
After partition, the property will go in the respective HUFs of two brothers.
.
In case, younger brother is still a bachelor, the property will be assessed in his Individual capacity till he gets married.
.
Prakash Kochar
(Expert)
17 May 2012
In addition to above, For claim of full partition it must be recognise under the provisions of income Tax Act (sect. 171)
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