Tranfer of huf property through gift to huf member(karta)
roggy
(Querist) 15 March 2012
This query is : Resolved
hi,
my query is can a huf karta gift the one and only property from huf account in his personal account after claming noc from all the members(my huf has only 3 members i.e me,my wife and my 12yr old son).
if allowed as per the income tax act what is the procedure to be followed.
and if gift deed is executed,should it be registered and do i need to pay stamp duty as per todays market value of the property,also after transfer will it attract income tax or capital gain tax
Raj Kumar Makkad
(Expert) 15 March 2012
It can be allowed and no tax implication shall be there.
Guest
(Expert) 16 March 2012
When no member of the HUF has any objection and relinquish their rights for a property in favour of any other HUF member, the Karta can be considered to have fulfilled the provisions of law on gifting such property.
So, not the Income Tax, but the provisions of Gift Tax would be attracted.
roggy
(Querist) 16 March 2012
my question to mr ps dhingra,
i had put the same query in front of my tax consultant today,and after taking opinion from other tax consultant,but without refering the law book he said it is not allowed.if at all it is really required karta can make partition of the property,which is not my requirement.
so mr dhingra can you help me with the specific gift tax law book along with the clause addressing my situation.
