Answers On Topic: Family Arrangement
The assessee has 7 siblings in his family and received property in heritage from his father. The assessee has a 1/7th share in the property. Two family members out of seven have made an application for the partition of such property in the court. The property is sold to another party for consideration and all the family members had received their respective shares in consideration. Now, whether the amount received by family members is taxable or not? Also, if taxable then under which head/place it would be shown in ITR? Also, if not taxable then under which head/place it would…
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Assessee is an individual and Hindu. He got married with another woman in the life time of first wife. He had two children from first wife and a daughter from second wife. First wife expired and thereafter almost 25 years assessee and his second wife are living together as husband and wife and also accepted by all family and society. Assessee was also assessed to tax in the capacity of HUF also. The family members consisting of the children of first wife and the second wife and her daughter has decided to settle their disputes about the property of the individual…
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Assessee is an individual and Hindu . He got married with another women in the life time of first wife. He had two children from first wife and a daughter from second wife. First wife expired and thereafter almost 25 years assessee and his second wife are living together as husband and wife and also accepted by all family and society. Assessee was also assessed to tax in the capacity of HUF also. The family members consisting of the children of first wife and the second wife and her daughter has decided to settle their disputes about the property of…
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Can portion of father’s property be transferred only on the basis of family settlement without paying stamp duty during father’s lifetime?
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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.
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Is it compulsory to prepare Joint Hindu Family agreement in Stamp paper only? Unstamped HUF agreement is invalid?
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Sir, If we sign MOU – Family settlement by all the legal heirs and get the document registered, still we have to go for Succession Certificate from court or the MOU itself is acceptable for transferring the rights of properties. Kindly respond.
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Wanted to know a important aspect.. If a WILL says that property is to be divided 50% can family settlement change the same. 2ndly if any family members after the family settlement has been done sell the property.. Will the person buying be entitled for 50% share or he will be entitled as per portion given by FS in which the portion is more than 50%
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Sir, Under a family settlement if 1 faction of the family beneficiaries relinquishes their rights in property of the Family trust in the favour of the other beneficiaries, at the time of registration of this transfer, will this attract stamp duty if yes then what will be the percentage. The Trust and the Properties are situate in Mumbai. Thank you in anticipation of an early reply.
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Taxation on proportionate amount received on sale of family property under application to court for partition.