HUF creation
This query is : Resolved
vamshi krishna
(Querist)
10 July 2016
sir
am having a building which was rented to school.
i want to create a new HUF and Transfer that building to HUF, which was registered on my name.
1).is building transferable to HUF?
2).what is the procedure i follow?
3).am married two male children minors is it sufficient to create HUF?
4).can i use rental income after creating HUF?
CA. Sunil Gokhale
(Expert)
11 July 2016
If you acquired the building with your own money then there is no point in transferring it to the HUF as the rental income will be taxable in your hands. HUF property has to be ancestral property received by the HUF through a will.
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