I need to dissolve one HUF. HUF has certain amount of bank balance as it's only asset. Can I make unequal distribution of HUF assets at the time of dissolution or it has to be made equally?
Also if one can share steps to dissolve HUF it would be much helpful.
thanks in advance!
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HUF DISSOLUTION - Unequal distribution of HUF assets
Replies (1)
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Can you distribute unequally? While legally complex, unequal distribution is often achieved through a formal Family Settlement Agreement, but you must ensure it is robustly drafted to avoid tax penalties.
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How to dissolve? You must execute a registered Partition Deed, notify the Income Tax Assessing Officer under Section 171, file the final ITR, and eventually surrender the HUF's PAN.
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