Huf
Anil
(Querist) 21 March 2012
This query is : Resolved
Practical Case of my close relative
Mr. Patel is 66 yr old man. Mrs. Patel - wife of Mr. Patel died 4 yrs ago. They have 4 daughters all are married. Now Mr. Patel is the only member in the family.
Situation: MR. PATEL owns Agricultural Land (mainly ancestral - received from his father and some purchased by him) and has few lakh rupees of cash in FDs. He is a retired employee and receives income from monthly pension.
Questions: Can Mr. PATEL form an HUF? How? Then it would be one member HUF as all daughters are married.
If yes, Can he transfer the agricultural land to the HUF? How?
What will happen to the HUF property after death of Mr. PATEL? How all daughters would get it?
Thanks in advance to all experts.
Looking for your practical valulable advise.
Regards
Mr. PATEL
A V Vishal
(Expert) 21 March 2012
Can Mr. PATEL form an HUF? How? Then it would be one member HUF as all daughters are married.
Mr Patel HUF was created upon birth of his eldest daughter (In view of the Amending Act of Succession in 2005, both married & unmarried daughters are co-parceners), she along with her sisters are treated as coparceners in the HUF, wife of Mr Patel is only a member and is not a co-parcener.
If yes, Can he transfer the agricultural land to the HUF? How?
Ans.Yes he can transfer, technically ancestral property can be treated as part & parcel of HUF.
What will happen to the HUF property after death of Mr. PATEL? How all daughters would get it?
Upon death of Mr Patel, the property will devolve automativcally upon the LR and the daughters can claim it through partition.
