Huf related capital gain
Querist : Anonymous
An ancestral house is sold by a person on his name situated in a Village. The sale proceeds is received through an account payee cheque in the name of his two sons.
Can the person who sold the House claims that it is a partition of HUF but no PAN no is allotted to the person in capacity f karta.
Is any capital gain provisions attract to said persons or his sons.????
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The best he can do is , claim that the house sold was of HUF property and in such a case HUF is Liable for capital gains.
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Querist : Anonymous
is it possible that HUF now apply for PAN.
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In the HUF file the said property as well as other assets can be shown and it is better to continue the HUF in spite of effecting immediate partition. Partial Partition of HUF is not recognised in the Income Tax Act.
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So, the amount advanced to the sons can be shown as loan extended by the HUF.
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