We are five sisters and two brothers. After the death of our widow mother recently we are concerned about maintaining our parental house. There are couple of tenants who pay rents. Will HUF be a good option? What are the pros and cons?
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Pros and cons of HUF for rent income from ancestral property
Replies (4)
Quick Summary
When your parents are not alive, whose HUF would you form?
Agree with Dhirajlal Rambhia ji
I understand that the eldest male child could be the HUF karta and run the HUF as a separate tax entity
Yes, but that to the existing HUF.
Here HUF is non-existant; so either go as per WILL;
or create Association of the FIVE inherits.
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