Partition of huf

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

01 November 2011 Karta of his HUF wants to make complete partition of the property and close down the HUF entity.

Can he make the partition at his discretion i.e. without following the percentage of the members?

What would be the tax significance in the hands of members?

What documents are to be prepared for making the partition perfect in the eyes of law?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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01 November 2011 Answers in reverse order-

A partition deed is required to be made.
.

Receiving a share on partition does not give rise to any tax incidence in the hands of memberes as well as the HUF.
.
It is not necessary to follow specific percentage. Mutual consent is required.
.
It is not the Karta only, who decides the event. Other members consent is also necessary.

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