I have assets by way of several high value bonds, MF etc. in demat and immovable properties in my balance sheet. Due to impending separation and divorce sooner or later which is not yet reached the courts, I want to remove these assets from my balance sheet. This I am wanting to do so that the property does not show in my balance sheet as and when maintenance/ alimony is decided by a judge then my and my huf balance sheet will be looked at. For this I have thought of several ways.
1.Gifting immovable properties to my father's huf (will stamp duty be applicable as its m blood relative father's huf).
I am aware that my father's huf would automatically consist of me as coparcenor and my wife as member. However would my father's huf balance sheet be required to calculate the maintenance/ alimony of my wife? Can my father's huf balance sheet be called for ? Is there a better way to remove these immovable properties from my and my huf balance sheet so that the are not used for calculating as my assets ?
2. Gifting bonds, MF, shares, stocks etc. to my father's huf - for same reason above.
Please suggest if this is possible and if i have not thought of something. . . .which would cause a problem to me in future.
Can a trust or LLP or any such SPV be created to transfer my immovable and liquid assets, so that they are not in my balance sheet?
looking for early reply.