{"id":18134,"date":"2021-05-11T18:54:42","date_gmt":"2021-05-11T13:24:42","guid":{"rendered":"https:\/\/itatonline.org\/digest\/?post_type=qa&#038;p=18134"},"modified":"2021-05-13T18:11:39","modified_gmt":"2021-05-13T12:41:39","slug":"can-karta-of-huf-total-partition-the-huf-property-and-what-are-the-implications-under-direct-tax-and-general-law","status":"publish","type":"qa","link":"https:\/\/itatonline.org\/digest\/qa\/can-karta-of-huf-total-partition-the-huf-property-and-what-are-the-implications-under-direct-tax-and-general-law\/","title":{"rendered":"Can Karta  of  HUF total partition  the HUF property and what are the implications under Direct tax and general Law ?"},"content":{"rendered":"<p>Q.    Background:<br \/>\nthe 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.<\/p>\n<p>Queries:<br \/>\n1.\tIf HUF encashes the fund whether liable to capital gains tax. If yes at what rate, whether indexation benefit is available.<\/p>\n<p>2.\tHUF doesn\u2019t have any other property can he total partition and distribute amongst the members. What is the tax implication? Whether stamp duty is payable and also get the order under section 171 of the Income-tax Act, 1961 (Act). Whether the share received on partition is liable to tax in the hands of members?<\/p>\n","protected":false},"comment_status":"open","ping_status":"closed","template":"","qa_expert":[33],"qa_category":[23],"qa_tag":[67,68],"class_list":["post-18134","qa","type-qa","status-publish","hentry","qa_expert-advocate-shashi-ashok-bekal","qa_category-income-tax","qa_tag-hindu-undivided-family","qa_tag-total-partition"],"acf":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa\/18134","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/qa"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=18134"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=18134"}],"wp:term":[{"taxonomy":"qa_expert","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_expert?post=18134"},{"taxonomy":"qa_category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_category?post=18134"},{"taxonomy":"qa_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_tag?post=18134"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}