Whether property purchased in the name of member of huf?

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Ganesh kumar (Querist)
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22 July 2013 please advise me..

The Karta of HUF purchased a land from the HUF income and registered in the name of Son.

whether it is possible to purchase the immovable property in the name of member of HUF.

How it shall be proceed in this case..?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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22 July 2013 yes, it is allowed.
it can be shown as loan given to son by HUF.

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Ganesh kumar

Ganesh kumar (Querist)
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22 July 2013
whether it is possible to show the assets in HUF Book.?

Because they have finalised the son's IT for that year without showing land purchased.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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22 July 2013 but if land is in name of son then how can u show it in huf books of accounts?

Ganesh kumar

Ganesh kumar (Querist)
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22 July 2013 So, the only way is to show as loan in HUF and assets in Individual.

ok.. thank you for your valuable guidance..

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