HUF COMPLETE PARTITION

This query is : Resolved

uttam (Querist)
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31 August 2021 Dear All,
This is to inform that we have made complete partition of our HUF by mutual agreement among the family members and distributed the bank amount among the members. Further the bank account is also closed. There is no other property in the name of HUF.

Now our query is:
1-Whether the registration of partition deed is mandatory or mutual agreement among family members is sufficient. There is no dispute among any members.

2-There is some TDS refund due but since the bank account is closed , what can the solution for this. If we do not claim the refund is this OK.

Waiting for your early advice

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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31 August 2021 1. For partion of HUF through family settlement, registration is not required. But for division of any immovable property, through the partition deed, registration of the document is mandatory.
2. Apply for recognition of total partition of the HUF, with jurisdictional ITO with the family settlement deed. He will conduct inquiry, may ask for any dues payable, and finally authorize the partition, when satisfied.

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uttam

uttam (Querist)
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31 August 2021 Dear Sir,

Thanks for your valuable advice.

This is to inform that there was no immovable property but only one bank account which has been closed and funds distributed among the members. In that case whether registration is needed.

Secondly There is some TDS refund due but since the bank account is closed , what can the solution for this. If we do not claim the refund is this OK.

Waiting for your early advice

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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31 August 2021 1. Not needed, unless you need to approach court in future.
2. First apply for ITO concern for its approval of dissolution. If accepted without any modification, well and good.
3. Though not needed; but if required by ITO, it can be opened again.

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