Question And Answer
Subject: HUF partition benificery status
Querist: Pratik Bachkaniwala
Answered by: Reply of the Expert is awaited;
Date: February 21, 2024
Query asked by Pratik Bachkaniwala
We are in the verge of partitioning our properties jointly owned under HUF. The Act says, that HUF partition will attract 0.35% Stamp Duty on the highest value of property under partition in HUF. This point is well accepted and agreed by the Registrar.
However, Income Tax act says the Joint property when partitioned, will retain its status as HUF property, if received by a male member in the HUF. Hence, in HUF partition, male coparcener beneficiary of the property will be the coparcener HUF and not the coparcener individual.
There are several High court and Supreme court judgements for the same. Same of them are:
[CIT v. Arun Kumar Jhunjhunwala and Sons (1997) 223
ITR 45 (Gau)]

N. V. Narendranath vs Commissioner Of Wealth Tax,Andhra … on 7 March, 1969

Bal Krishna Goyal vs CWD (1996) 218 ITR 671 (MP)
Hence, sirs, the clarification required here is, THe Registrar in Surat region is of the opinion that the HUF partition of property will lead to Coparcener on individual capacity whereas as Income Tax say otherwise.
Hence, your wise advice and guidance is required on urgent basis for the above said matter.
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Answer given by
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