My grandfather passed away recently. The ancestral property which was in my Grandfather's name is getting partitioned to be transferred to my father and his siblings now. My father wishes to get it transferred to an HUF (of me(unmarried) my father and my mother). Since his marriage (which happened a couple of decades back), no official documentation or PAN was created for this HUF.
What is the procedure now to form this HUF and transfer my father's part of the ancestral property to the HUF? is a PAN card for HUF required beforehand for this ? i mean from legal perspective, what documentation and procedure is required before transferring the property to HUF ?
Can it be transferred to my father first and then later on pass it on to HUF ?
Note: the ancestral property is in my grandfather's name currently (i mean not in any HUF's name).
15 July 2023
1. Get HUF deed prepared and apply for PAN of HUF. For that hire any local professional. 2. Open bank account, and get the property transferred to HUF directly.
CAclubindia
