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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CAPITAL GAIN BASE ON NOTIFICATION
- Taxable or Tax exempt
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- TDS Deducted AY-2013-14 Not Reflected in 26as
- ADVANCE PAYMENT OF ADVOCATE
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- CREDIT NOTES WITHOUT GST
- DIN reactivation
- Query – TDS on purchase of land from NRI under Income-tax Act, 2025
- Capital gain on sale and purchase of plot
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
