Respected sir/mam
My query is whether a person and his son having ancestoral agricultural land in their name can form an huf of their family (father being the karta) and transfer such land to that huf so that its income get charged under huf name. Do they need to make any affidavit for the same that respective land is their ancestral property and same shall be treated as huf's ?
Is there any other procedural requirements need to fulfill, so that income is treated as huf's?
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Transfer of ancestral agricultural land to huf
Replies (1)
To transfer your land, you must first clarify whether the property is legally "ancestral" or your "self-acquired" property. If it is self-acquired, you must execute and register a Gift Deed to transfer it to the HUF. However, be aware of Section 64(2) clubbing provisions, which may prevent you from achieving the desired tax-saving benefits by continuing to tax the income in your personal capacity.
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