banner_ad

Tax Implication

This query is : Resolved 
Profile Image

Profile Image

(Querist)
05 December 2009 Can MrX and MrsX owing a joint property transfer the same to HUF? House property is self occupied throughout the previous year.What will be the tax implication of the same?
Profile Image

Sunil

Profile Image

Sunil (Expert)
05 December 2009 As HUF is not a relative of either Mr. or Mrs. X and Mr. & mrs. X are not relatives of the HUF. Therefore the entire property value will be taxed as IFOS in the hands of the HUF.

U/s 64 for purpose of rental income or accrual of benefits, the income will be taxed to the individuals to their share of co ownership assuming that both have individually paid adequate consideration to acquire the property. If husband has paid all money and wife is co owner for convenience sake the entire income from the property will be taxed in the Husband's hand.

For wealth tax also the assets will continue to attract wealth tax at the hands of individuals.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
ARTICLESHIP 15 May 2026
Audit Assistant / Article Trainee / Intern

SSGS and Associates

Chennai

CA Inter

View Details
Company
11 May 2026
AUDIT INTERN

M/S K.K.KHANNA AND COMPANY

Noida

CA Foundation

View Details
Company
ARTICLESHIP 17 May 2026
CA Article /Trainee

Malik Sunil & co

New Delhi

CA Foundation

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
ARTICLESHIP 23 May 2026
Article Assistants

Acupro Consulting

Gurgaon

CA Inter

View Details
Company
14 May 2026
Senior Accounts Executive

Karan Gupta & Co.

New Delhi

Graduate (Any)

View Details
Company
18 May 2026
MIS Executive

Primarc Pecan Retail Limited

Mumbai

B.Com

View Details
Company
08 May 2026
CHARTERED ACCOUNTANT

SHAH LADHA AND ASSOCIATE

Ahmedabad

CA

View Details