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Whether Individual and HUF can purchase a FLAT in joint name

CA Mukul Jain (CA, MBA, DISA) (124 Points)

22 February 2010

I want to purchase Flat in joint name of my self,wife and HUF. Can i do so. If yes, then tell me the provision.

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5 Replies

Amir (Learner) (4016 Points)
Replied 22 February 2010

Dear Mukul Sir,

I think u can..........But which provision & in which law u are looking for that i couln't understand..plz specify

CA AYUSH AGRAWAL (Kolkata-Pune-Mumbai) (26986 Points)
Replied 22 February 2010

No,you Can't Purchased In Joint Name HUF,u,n ur spouse.

U May Purchase in name of you & ur wife.

C.Balaji (Learner) (1867 Points)
Replied 22 February 2010

i think you can purchase on self, spouse but i doubt HUF......

Rachit (Analyst) (913 Points)
Replied 22 February 2010

Yes there is no prohibition in having one's own HUF a joint holder in flat purchase. But it would amount to throwing a share of your property in your HUF hotchpotch. Any income derived from this property (to the extent of HUF share) will be clubbed in your income alongwith your individual share.

Unless of course the HUF pays its share in the cost of the flat.