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Rajesh ranka (Querist)

29 February 2016 A Individual received a property from his mother estate after her death as sum of Rs. 1crore in form of Cash and in Fixed Deposit. A Individual is also form a H.U.F and wants to transfer his mother estate in H.U.F. So i want to know that it is possible to do that and what will be the tax treatment.Please Reply as soon as possible.

Suresh Ramaswamy

Suresh Ramaswamy (Expert)

29 February 2016 A HUF is not a legal heir under the Hindu Succession Act, and hence it cannot inherit any property. Hence the property of the deceased woman will pass on only to her legal heirs as enumerated in the Hindu Succession Act.

Any transfer of property by a member to his / her HUF will attract the provisions of section 64 of the Income Tax Act, 1961 and the income arising from such transferred asset will be clubbed in the hands of the transferor.

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