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Sale of property

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This query is : Resolved

Nagaraj.B.R

Nagaraj.B.R (Querist)
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26 June 2019 Dear Sir,
I have a property belonging to my uncle earned from his own sources. My uncle was issue less(No child). On his death khata was transferred to my father in year 1982 after my aunt executed release deed favouring my father in 1985.

Later in the year 2004 my father and my mother both expired and the khata was transferred to me(individual capacity), my brother & my sister in the year 2008.

Issues:-
1. Can I create HUF and deposit the sale proceeds to HUF SB account as the money was not earned by me and belongs to my father.
2. The buyer is refusing to register in my HUF name as our khata does not mention it. But, is in individual capacity.
3. If I put the PAN in my individual capacity in sale deed, TDS @ 1 % will be deducted and will go to individual PAN.
4.Can I deposit sale proceeds to HUF account and deposit in 54EC bond from my HUF PAN and SB account to claim exemption from Capital Gains Tax, though TDS is dedcuted from my individual PAN.

Nagaraj.B.R

Nagaraj.B.R (Querist)
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28 June 2019 Can anyone reply to my query please.

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