I as an Individual take a loan from HUF of which I am a Karta and take a loan of bal amount from a bank and purchase a property. Now I am unable to pay it back. Can I transfer the property to the HUF if the bank is willing to transfer the loan to the HUF? If yes then will this be taken as adequate consideration and income from the said property accrued to HUF only? Will provisions u/s 64 (2) (b) still apply if I make a proper sale agreement and pay the stamp duty as per the sale price.
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Transfer of Property to HUF
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| Originally posted by : Ritesh | ||
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I as an Individual take a loan from HUF of which I am a Karta and take a loan of bal amount from a bank and purchase a property. Now I am unable to pay it back. (unable to pay back to HUF or bank ? ) Can I transfer the property to the HUF if the bank is willing to transfer the loan to the HUF? ( bank will have a broader base to recover from members of HUF also) If yes then will this be taken as adequate consideration and income from the said property accrued to HUF only? ( you have not mentioned your own invesment apart from the bank / HUF loan)( once transferred it would be absolute property of HUF) Will provisions u/s 64 (2) (b) still apply if I make a proper sale agreement and pay the stamp duty as per the sale price. |
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