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Huf
Hello dear experts A Proprietor filing individual income tax return from last couple of years with agriculture income but now they want make a separate huf account and transfer all agriculture land in the huf account. Can do that like this or not?
Replies (1)
In any case the income is tax exempt.
If the land is ancestoral or inherited by the family, it can be done with ease.
Otherwise the a gift deed should be conveyed in favour of the family.
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