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What is the procedure of HUF partition
what is the procedure of HUF partition
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Procedure is very simple. Distribute the corpus amongst members as per each one's entitlement. That's all. Advised to do this by banking channel.
Through partition deed or through I T DEPARTMENT
There is a difference between a partition under Hindu Law and a partition recognised under the Income-tax Act.
For. recognition of partition under tax laws, division of properties by metes and bounds is necessary.
Again in view of provisions under section171(9) of Income-tax Act, partial partition will not be recognised for tax purposes.
Required to prepare and execute partition deed.
For. recognition of partition under tax laws, division of properties by metes and bounds is necessary.
Again in view of provisions under section171(9) of Income-tax Act, partial partition will not be recognised for tax purposes.
Required to prepare and execute partition deed.
1. Total Partition under Hindu Law confirming to the requirements of section 171 of the Income Tax Act, 1961 is required for complete dissolution of HUF.
2. In case of immoveable properties are owned by HUF, a DEED of PARTITION of HUF may be prepared and registered for MUTATION purposes.
3. For moveable properties not requiring MUTATION, a MEMORANDUM of TOTAL PARTITION may be prepared after oral partition and handing over the possession of such moveable properties to the coparceners / recipients. You may visit https://canirmalg.com/2017/04/22/partition-of-a-hindu-undivided-family/ for more details about Partition of HUF
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