If business is joint family busineess
Querist :
Anonymous
(Querist) 10 November 2011
This query is : Resolved
we four brothers staying together we have joint family bussiness after my father expired my elder brother is looking after bussiness now few months back due to some medical problem suddenly my elder brother also expired . now i want to know maximum property is the name of my elder brother whether we all three brothers also have rights on the same property or not.
Shonee Kapoor
(Expert) 10 November 2011
The property was owned by Father
Each brother and mother (if alive) would get same share. So his share would be 1/4th or 1/5th
After the expiry of the brother, if he has WIFE/ CHILDREN/ MOTHER they would get equal share from his share.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
prabhakar singh
(Expert) 10 November 2011
"maximum property is the name of my elder brother whether we all three brothers also have rights on the same property or not."
IS YOUR QUESTION.
IT DEMANDS A FEW MORE FACTS TO BE TOLD BY YOU BEFORE ANY ANSWER AS ON PLAIN SURFACE ALL WILL GO TO HIS HEIRS[SUCH AS WIDOW,MOTHER AND HIS SONS AND DAUGHTERS]
1]Is the firm carrying on business is registered as HUF forming you all brothers
in INCOME TAX and is assessed accordingly.?
2]Was the considerations for purchase of properties have been paid from the firm
and has been shown in the account books of the firm as well as in the returns filed??
If you do not have answers in affirmative to my these two questions,the answer has already been given in capitalized letters.
Querist :
Anonymous
(Querist) 31 January 2012
yes sir,
some indivival properties which is in the name of my elder brother the payment is given by from my fathers account and rest indivival proprty which is in my brother name payment is given from his independent account and also we are in joint family bussines staying together after my father bussines trannsction
Querist :
Anonymous
(Querist) 31 January 2012
hello sir
there is no firm and no huf regisrtion done but in some indivial propertys of my elder brother payments are given from my fathers account.and also my elder brother is expired and left behind a registered "willh " registered in subregistrar office and he had not given anything to his wife , he had mentioned to transfer all assets in his minor chilrens name both son and daughter name whose age is 11yrs and 7yrs respectively and he had appointed me as a probhiter to probate will from court and mentioned two exexcutors one is my younger sister and another executors is his co-brother
sir now i want know whether mother will the guardian or can mother sold the propety being the guardian of children or she cant sold till they children attain majority or eith er she had no rigths to sold , executors will sold till children become maturied.
V R SHROFF
(Expert) 31 January 2012
Indoor house dispute, should be settled in house.
Seems it is a Joint property, as stack of brother added in jt property.
However, I leave it to Tax Experts, whether HUF/ Jt Family or individual business.
