Property transfered from self to own huf

Save Share

This query is : Open

Ramkrishna (Querist)
Follow

28 July 2011 IF A LAND IS IN NAME OF "MR. A" AND SHOWN IN BOOKS OF MR. A. IN FUTURE CAN IT BE TRANSFERED TO " A & SON'S (HUF)" WITHOUT ANY CONSIDERATION AND REGISTRY TRANSFER.WHAT INCOME TAX HAS TO SAYS IN THIS MATTER?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

28 July 2011 INCOME TAX SAYS that it is a converted property and any income arising from such converted property will be clubbed in the hand of the transferor.

The clubbing will not be discontinued even at a future date, when as result of the total partition of the HUF , such property is given to the spouse of the transferor.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now