SHARE IN HUF PROPERTY
jankidas
(Querist) 09 October 2009
This query is : Resolved
BACKGROUND :
When the sons were minor, certain ancestral agricultural lands were partitioned and registered in the name of the father , two out of seven brothers, grandmother, and mother to save the same from land ceiling. The remaining agricultural land remained in the name of the father, though it is ancestral. Similarly, rented shops were also got partitioned in the name of all seven brothers ,grand mother, mother and father to save income tax. At that time the partial partition was allowed under the Income Tax Act. The situation at present is that partition has not been done of the ancestral property remaining in the name of the father. The books of account are common for all the income from various assets though registered in different names. The income tax return is filed separately for partitioned assets in the name of the brother,mother ,father and grand mother.
QUERY:
Now Sir, my query is that : Whether the brothers in whose name the agricultural lands were registered to save it from land ceiling , do still have right to claim share in the agricultural land(standing in the name of the father ) and also the agricultural land which was registered in the name of the father on partition which is being shown as H.U.F. property in income tax return, filed as H.U.F. return of father as karta? If yes in what status they will receive the same as HUF or as Individual ?
Thanks.
Gulshan Tanwar
(Expert) 14 January 2011
No one answered the query, pity!!! I am not having time these days will be back to LCI after sometime and then only can answer the same.
