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Saurabh Pasulkar   26 December 2023

How to transfer property held by husband/wife to huf

Hi
This is Saurabh Pusalkar. 
I have a plot in Bhopal which I purchased for 20Lacs in 2011.
I want to sell it now for approx 90L
Now I plan to save tax by getting the proceeds of the sale in two HUF. 
The first HUF with me as a karta and the second HUF in the name of my wife Akansha as a karta. 
However the plot is in our joint names. 
Now if we sell the property how can we show/claim that the money is received by the HUF of mine and my wife

Do we need to gift the property to the HUF or we need to transfer the property to the HUF which again is a cost. 

Thanks

Saurabh Pusalkar 
Indore



Learning

 2 Replies

SAM (LEGAL)     26 December 2023

Only a complete partition of HUF is recognized under the law. HUF partition can be claimed by coparceners only. Income in respect of the post-partition period is taxed as the individual income of the concerned member.

T. Kalaiselvan, Advocate (Advocate)     26 December 2023

The properties are your self acquired properties  or may be jointly owned properties.

They have not been brought under HUF  hence the benefits of income tax available to HUF properties cannot be claimed.

For that you may have to transfer the property to HUF to enable you to claim exemption from income tax.


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