Ancestrol property

Yes. Total liability would be same, whether assessed jointly or individually. At same time exemption u/s. 54/54F/f4EC etc. can be availed.

Dear DhirajlalG

Thank you for your promot feedback. Highly appreciated. I have one more question sir. My dad passed away few months back & he has left behind a property. Now that property is under my dads name as XYZ(HUF). If I want to transfer it under my name how should I proceed or being the immediate legal heir I become the karta & continue it under the same name.

Thank you once again.

When it is HUF property, you cannot directly transfer it in your individual name. Either the HUF is to be dissolved with consent of other coparceners to transfer the property in your favour (by way of Relinquishment deed) Or retain the property in the HUF hotchpotch itself, and just change Karta (next eldest coparcener)

DhirajlalG

How should I change the name of karta. For example if I want to continue as HUF property, for society records just an application would do because on the share certificate my dads name is there as XYZ(HUF). Do I need to change the stamp of HUF. Does the name change on the share certificate (new karta - ABC {HUF}) or it remains under the old karta name.

"............on the share certificate my dads name is there as XYZ(HUF)........"                Wrong notion.

Look at it with correct notion as: " on the share certificate name is there as XYZ(HUF). whose Karta was my father, but after his demise a new Karta is to be assigned."

Consult a local CA who can guide you to change Karta of HUF and submit required papers to society.

DhirajlalaG

Aplogoies for using the wrong notion.

Many thanks for your support & guidance.

God bless you.

Dear Ravi,

No question of any apology, this was just to clarify your understanding on the subject. I have also learned in similar fashion. As such, I thank Experts who have directly or indirectly helped me to rectify my mis/understanding on various topics. Thanks to CA Paras Bafna Ji for clarifying my HUF concept.