settlement on HUF property
This query is : Resolved
vinodk.Nesar
(Querist)
12 October 2008
A HUF property which has been taken by a member on buying the rights of the other members through a Sale Agreement & consideration. Will this be considered as Transfer for the other members ? (Since the Family arrangements needs are not clear in transaction)
13 October 2008
It is a sale transaction as it involves transfer of an asset for a consideration and there is definitely a buyer and seller.
CA V. Mohanakrishnan
(Expert)
13 October 2008
You have stated as "buying" which indicates a sale and transfer of asset.
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