Total Partition of HUF
Arun Kalra
(Querist) 09 May 2009
This query is : Resolved
After acceptance by the Assessing Officer of total partition of a HUF u/s 171, can the previous coparceners and members buy property in their own individual names or do they have to buy it in the names of their seperate HUFs, to avoid LTCG?
A V Vishal
(Expert) 09 May 2009
Mr Kalra,
Please be precise in your query, what is your doubt
Arun Kalra
(Querist) 09 May 2009
Mr. Vishal,
My doubt is whether after acceptance of total partition of a HUF involving a self-occupied property, will seperate HUFs have to be formed by the previous coparceners and members 0r they can remain in their individual capacity for tax purposes?
Arun Kalra
(Querist) 09 May 2009
Mr. Vishal,
My doubt is whether after acceptance of total partition of a HUF involving a self-occupied property, will seperate HUFs have to be formed by the previous coparceners and members 0r they can remain in their individual capacity for tax purposes?
A V Vishal
(Expert) 09 May 2009
Dear Kalra:
It is better to segregate individual and HUF properties for tax purpose, there is no need to form a separate HUF by the co parceners, which forms automatically on partition of the ansectral property.
Arun Kalra
(Querist) 09 May 2009
Dear Vishal,
Thanks for your advice.
Further, it means that the coparcenors should get seperate PAN cards for their HUFs and register their properties on these PAN cards?
Moreover, just to confirm, it also means that the new properties can not be registered on individual names?
Arun Kalra
(Querist) 09 May 2009
Dear Vishal,
Dear Vishal,
Thanks for your advice.
Further, it means that the coparcenors should get seperate PAN cards for their HUFs and register their properties on these PAN cards?
Moreover, just to confirm, it also means that the new properties can not be registered on individual names?
A V Vishal
(Expert) 09 May 2009
Dear Kalra,
Apply for a new PAN for your HUF, for registration of the properties PAN Cards are for only for identification and a HUF PAN card is without a photo, so it cannot act as a valid photo ID, but while registering the property the name should be followed by the words karta of the HUF for example Arun Kalra must mention his name as Arun Kalra, Karta of the HUF, while executing the HUF property docs
Arun Kalra
(Querist) 09 May 2009
Dear Vishal,
By mistake I pressed the thumbs down.
I wish to thank you for your prompt and invaluable advice.
Regards,
Arun
A V Vishal
(Expert) 09 May 2009
No probs press the thumbs up sign now
Arun Kalra
(Querist) 10 May 2009
Dear Vishal,
By mistake I pressed the thumbs down.
I wish to thank you for your prompt and invaluable advice.
Regards,
Arun
