Property transfered from self to own huf
This query is : Open
Ramkrishna
(Querist)
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
(Expert)
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.
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.
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