Answers On Topic: Hindu Undivided Family
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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Status of HUF after karta expires. If there was only one coparsner, wife. What happens to S.O.D. limit taken in name of business firm where HUF wS proprietor.
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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 .
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Q. Background: the assessee is Karta of HUF. He has sold the ancestral property and invested the entire consideration in HDFC credit Risk Debt Fund and availed the benefit of capital gain exemption in the year 2016 Now more than five years the amount lying in the said fund. At present the gain is substantial . Querist is a senior citizen above 85 years old. Queries: 1. If HUF encashes the fund whether liable to capital gains tax. If yes at what rate, whether indexation benefit is available. 2. HUF doesn’t have any other property can he total partition and…
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amount received on Family arrangement and partition of HUF