Whether unequal partition of Hindu Undivided Family (HUF) property is permitted ?

DEED OF TOTAL PARTITION WAS REGISTERED AND STAMP DUTY AT TWO PERCENT WAS PAID. ONE COPARCENAR WAS GIVEN RESIDENTIAL HOUSE , THE MARKET VALUE WAS RS ONE CRORE. REMAINING FIVE COPARCENARS WERE GIVEN RS TEN THOUSAND EACH BY CASH AND OR CHEQUES. STAMP DUTY OF RS.ONE THOUSAND WAS PAID WITH REGISTRATION FEES.ALL PROPERTIES TOTALLY PARTITIONED. THIS IS UNEQUAL PARTITION . IS IT PERMITTED. PLEASE REPLY WITH CASE LAWS .

► Read Answer

  When earlier order is merged with subsequent order u/s 153A, whether revision of order is valid ?

Assessee's assessment order u/s 147 was subject to 263 proceedings . Subsequently search took place in assessee group company and assessment u/s 153A concluded without any adverse inference touching upon the issues which were subject matter of earlier 263 proceedings , although the AO was unaware of any such 263 proceedings. The assessment u/s 153A had attained finality & no 263 proceedings initiated by Department against such order . The earlier 263 order was challenged before ITAT which set aside the matter back to CIT for giving opportunity. Despite the CIT informed about subsequent 153A order which has merged &…

► Read Answer

  Whether surrender of tenanted flat for redevelopment is liable to capital gains tax ?

What is the date of transfer , when a tenanted flat is surrendered for redevelopment to a builder as per agreement of Permanent Alternative Accommodation ?  Is this transfer liable to capital gain ?

► Read Answer

  Whether Buy back of preference shares /Equity shares for determining FMV concept of registered Valuer is compulsory ?

A pvt ltd company wants to buyback both preference & equity shares at discount to the issued price. Is there any bar under the Companies act 2013 ? Further , whether to determine buyback price FMV concept through registered valuer compulsory , since ROC sometimes dont approve the forms

► Read Answer

  Whether compensation received for releasing the rented property is liable to tax ?

Sirs, We are one of the many tenants of public trust for more than 40 years. The trust tried to evict us earlier through the Court and the matter went up to Supreme Court where the decision was in our favor. Now the trust has proposed to pay us compensation through a compromise petition before the Small Causes Court. Will this compensation be taxable under Income Tax or Capital Gain or will be exempt as casual income?

► Read Answer

  What is the principle of mutuality ?

Is it true that in a mutual concern, it can be said that there is no service element as no one can trade with himself? Any case law to support this proposition?

► Read Answer

  Wether father’s property be transferred only on basis of family arrangement ?

Can portion of father’s property be transferred only on the basis of family settlement without paying stamp duty during father’s lifetime?

► Read Answer

  Wether release of right in the property , will attract stamp duty ?

I am the co-owner of an ancestral flat in Mumbai with my sister. I want to release my share in the flat to my sister for a certain amount. Will this be a release deed with consideration ? What will be the stamp duty since this is ancestral property if consideration amount is mentioned in the release deed ?

► Read Answer

  Can wife enter in to a family arrangement with husband and children during life time of husband ,in respect of self acquired property of husband ?

I am seeking a clarification. Can wife form a part of a family settlement? There is no divorce between wife and husband. Can wife form part of the family settlement among the husband, wife and children during the life time of the husband. It is not an ancestral property.

► Read Answer

  whether memorandum of Family Arrangement drawn in plain paper which is not stamped , is valid ?

Is it compulsory to prepare Joint Hindu Family agreement in Stamp paper only? Unstamped HUF agreement is invalid?

► Read Answer