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.…
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Query: (i) Whether HUF will continue? (ii) Who will be karta of HUF as the male member is minor? (iii) Can the partition be made by the karta?
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In case of an HUF of 3 persons with one as Karta and the other two as co-parceners, what happens to the HUF when the two co-parceners expire? Can the HUF continue? What is the tax treatment in such a case?
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Can wife become karta in HUF in presence of her husband?
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Hello Sir, HUF possesses a flat in a co.op.hsg.society of total 21 flat owners. With the consent of 20 owners, society is going for a redeployment. KARTA of HUF has neither signed Irrevocable Consent Letter nor the M.O.U. Shockingly, without the consent of KARTA of HUF, the society had given the possession of the premises to the redeveloper and it had demolished all the flats. What actions should be taken by KARTA and on whom? Please urge you to treat it as most urgent and guide me? Thanks & Regards, Deepak
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giving of gifts by huf to relatives amounts to partial partition ? does it need order u/s 171 ?
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In case of assessee, who is HUF and owner of land has executed the specified agreement with the developers for development of land in the FY 2019-20. on the obtaining of the completion certificate of the project it is noticed that Stamp duty value of developed structure is higher than fair market value. In this situation whether there is any impact of section 50C also. pl guide
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Is it necessary to register Partition Deed of HUF if it does not own any immovable property?
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Kolkata based HUF having one land in Delhi. One person gets it with Mutual consent and HUF is dissolved. Now can we register this deed in Kolkata and on basis of this will the sub registrar in Delhi accept the land ownership transfer since old karta can't travel. If we need any court order do we approach Delhi or Kolkata court.
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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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