HUF Request for early reply & help
This query is : Resolved
05 February 2011
Facts
Mr. X, citizen of India, got a property as inheritance from his mother when she was alive. The family of Mr. X is comprises with following members:
1. Mrs. X (wife of Mr. X)
2. X’s son Mr. B
3. Wife of Mr. B
4. Son of Mr. B ( minor)
5. Daughter of Mr. B ( minor)
Question
1. Is the property under consideration is eligible for the purpose of creating a HUF?
2. If yes, can whole family be divided to form two HUF? One is for Mr. X and other for Mr. B’s HUF
Mr. X, citizen of India, got a property as inheritance from his mother when she was alive. The family of Mr. X is comprises with following members:
1. Mrs. X (wife of Mr. X)
2. X’s son Mr. B
3. Wife of Mr. B
4. Son of Mr. B ( minor)
5. Daughter of Mr. B ( minor)
Question
1. Is the property under consideration is eligible for the purpose of creating a HUF?
2. If yes, can whole family be divided to form two HUF? One is for Mr. X and other for Mr. B’s HUF
05 February 2011
As X has got the property from his mother,
its individual property of X.
By transferring individual property to HUF
the provisions of Section 64(2) are attracted. In such case income will be added
in the hands of individual.
As far as creation of HUF is concerned, it is not necessary that an HUF must have an Immovable property. You may create 2 HUF's by way of gifting a small sum of money to HUF also.
its individual property of X.
By transferring individual property to HUF
the provisions of Section 64(2) are attracted. In such case income will be added
in the hands of individual.
As far as creation of HUF is concerned, it is not necessary that an HUF must have an Immovable property. You may create 2 HUF's by way of gifting a small sum of money to HUF also.
05 February 2011
I am agree with Mr. Bafna reply.
05 February 2011
i also agree.
05 February 2011
Dear Mr Paras ji kindly help with this Ques also
But X want that income from that property will comes under HUF..is there any way to transfer that property to HUF?
Please guide...
But X want that income from that property will comes under HUF..is there any way to transfer that property to HUF?
Please guide...
05 February 2011
But X want that income from that property will comes under HUF..is there any way to transfer that property to HUF?
Please guide...
Please guide...
Guest
Guest
(Expert)
05 February 2011
HUF can not be created by acts and agreements.
05 February 2011
Pradeepji,
If X is desirous of transferring the income to HUF then he should have to transfer the property to HUF against an adequate consideration or say at a reasonable value.
If X is desirous of transferring the income to HUF then he should have to transfer the property to HUF against an adequate consideration or say at a reasonable value.
05 February 2011
"HUF can not be created by acts and agreements."
I agree with Mr. K.C. Moondra. Thanks for rectifying me.
I agree with Mr. K.C. Moondra. Thanks for rectifying me.
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