{"id":39284,"date":"2024-02-21T17:24:29","date_gmt":"2024-02-21T11:54:29","guid":{"rendered":"https:\/\/itatonline.org\/digest\/?post_type=qa&#038;p=39284"},"modified":"2024-02-21T17:24:29","modified_gmt":"2024-02-21T11:54:29","slug":"huf-partition-benificery-status","status":"publish","type":"qa","link":"https:\/\/itatonline.org\/digest\/qa\/huf-partition-benificery-status\/","title":{"rendered":"HUF partition benificery status"},"content":{"rendered":"<div class=\"gmail_default\">We are in the verge of partitioning our properties jointly owned under HUF. The Act says, that HUF partition\u00a0will attract\u00a00.35%\u00a0<span class=\"il\">Stamp<\/span>\u00a0<span class=\"il\">Duty<\/span>\u00a0on the highest value of property\u00a0under partition in HUF. This point is well accepted and agreed by the Registrar.<\/div>\n<div class=\"gmail_default\"><\/div>\n<div class=\"gmail_default\">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.<\/div>\n<div class=\"gmail_default\"><\/div>\n<div class=\"gmail_default\">There are several\u00a0High court and Supreme court judgements\u00a0for the same. Same of them are:<\/div>\n<div class=\"gmail_default\"><\/div>\n<div class=\"gmail_default\">[CIT v. Arun Kumar Jhunjhunwala and Sons (1997) 223<br \/>\nITR 45 (Gau)]<\/div>\n<div class=\"gmail_default\">\n<h2>N. V. Narendranath vs Commissioner Of Wealth Tax,Andhra &#8230; on 7 March, 1969<\/h2>\n<div><\/div>\n<div>Bal Krishna Goyal vs CWD (1996) 218 ITR 671 (MP)<\/div>\n<div><\/div>\n<div><\/div>\n<div>Hence, sirs, the clarification\u00a0required here is, THe Registrar in Surat region\u00a0is of the opinion that the HUF partition\u00a0of property will lead to Coparcener\u00a0on individual capacity whereas as Income Tax say otherwise.<\/div>\n<div><\/div>\n<div>Hence, your wise advice and guidance is required on urgent basis for the above said matter.<\/div>\n<\/div>\n","protected":false},"comment_status":"open","ping_status":"closed","template":"","qa_expert":[],"qa_category":[23],"qa_tag":[78],"class_list":["post-39284","qa","type-qa","status-publish","hentry","qa_category-income-tax","qa_tag-huf"],"acf":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa\/39284","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=39284"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=39284"}],"wp:term":[{"taxonomy":"qa_expert","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_expert?post=39284"},{"taxonomy":"qa_category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_category?post=39284"},{"taxonomy":"qa_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_tag?post=39284"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}