Whether property purchased in the name of member of huf?
This query is : Resolved
Ganesh kumar
(Querist)
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..?
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..?
22 July 2013
yes, it is allowed.
it can be shown as loan given to son by HUF.
it can be shown as loan given to son by HUF.
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Ganesh kumar
(Querist)
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.
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.
22 July 2013
but if land is in name of son then how can u show it in huf books of accounts?
Ganesh kumar
(Querist)
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..
ok.. thank you for your valuable guidance..
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