Income from property of deceased parents
This query is : Resolved
17 October 2012
Hi Frns,
I have a query. Both the parents of a person (X) are died with out transfering any property on his(X's) name. After the death of his parents, he(X) is getting a rental income from a house property(which is still on the name of his(X's) parents).
X along with his wife & children is a HUF.
Here the problem is whether to take the income from house property into his income? (or) can be taken under the income of HUF? Please note that the property is still on the name of X's parents.
I kindly request someone to help in this query.
Thanks.
I have a query. Both the parents of a person (X) are died with out transfering any property on his(X's) name. After the death of his parents, he(X) is getting a rental income from a house property(which is still on the name of his(X's) parents).
X along with his wife & children is a HUF.
Here the problem is whether to take the income from house property into his income? (or) can be taken under the income of HUF? Please note that the property is still on the name of X's parents.
I kindly request someone to help in this query.
Thanks.
17 October 2012
Yes by creating HUF you can take this Rental Income in the hands of HUF.
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17 October 2012
Dear sir,
Can you please quote me with section (if any under IT Act) with reasoning, for my understanding.
Can you please quote me with section (if any under IT Act) with reasoning, for my understanding.
17 October 2012
The property is a family property which is inherited by Mr.X.Hence he can take it under his HUF if there is one. It does not matter that the property is still in the deceased person's name. But he has to double ensure that he is the ultimate owner and no one else will claim share on it.
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