Transfer of immovable property from huf to its member

Others 2682 views 7 replies

Akash Mathur

6 Points Posted on 04 October 2017

We have two Immovable property in my Father's HUF name, we have following members in our HUF - Father, Mother, Eleder Brother (married with two children) and Me (married with one child). we are a happy joint family with NO dispute.

For the purpose of Mortgage with Bank and Banking limits for our business we want to change the title of property from HUF to my father's Name (KARTA of HUF), (As banks do not accept property with HUF title as per the latest guidline of RBI),

Request to please tell us the Detailed process of converting the title, Stamp duty implecation and Tax implecation on each member.

URGENT MATTER for us please advice

Replies (7)

Karan Mittal

54 Points Posted on 08 October 2017

if on the partition of huf a coparcener receives a capital asset no capital gain is computed
so if your father is separated from huf with that property maybe you can save capital gain tax

Karan Mittal

54 Points Posted on 08 October 2017

otherwise your huf can gift your father that property
though your father will be liable to pay gift tax and your huf will have to pay capital gain tax

Karan Mittal

54 Points Posted on 08 October 2017

but you must consult an expert as I am just a student.
but please do tell how did my answer help you

raghavan

self

611 Points Posted on 08 October 2017

Huf can be dissolved in full and capital assets may be divided between the members and coparceners if all of them agree to dissolve it mentioning the purpose. the residual value rec'd by members can be treated as new Huf if they have family and some members share in capital assets can be sold on settlement. anyhow contact local lawyers regarding settlement charges in the respective states.