HUF - Husband wife joint property
This query is : Resolved
30 June 2022
We ( Husband and Wife ) bought a property jointly with home loan.
Two questions.
1. Now we have formed HUF, can we rent it via HUF, let the rent income be of HUF?
2. Do we need to transfer the property to HUF or as it is already a joint ownership, can't it automatically becomes a family property and part of HUF?
( We have minor son, who is 6 year old. )
Two questions.
1. Now we have formed HUF, can we rent it via HUF, let the rent income be of HUF?
2. Do we need to transfer the property to HUF or as it is already a joint ownership, can't it automatically becomes a family property and part of HUF?
( We have minor son, who is 6 year old. )
07 July 2022
The HUF was not formed before mutation of the property, so, now the rent cannot be claimed under HUF. Even if the property is transferred now, as per sec 64 of it act it will be clubbed in the original owner/s ITRs.
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