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Moreshwar (AFP, B.Com)     24 January 2013

Huf creation

HI, Please Help me to solve my query


      Case :My father died few months ago, after he dies we transfer his all property to my mother as a nominee.My family include my mother, me & my younger brother.We  both are unmarried. My father did not have any HUF.

My Knowledge :  I can create HUF on my name only after my marriage. I can transfer my share from my father assets  to that HUF.

My Queries:

1. Can I create Huf in my case?

2. Can I transfer my share in father property in that HUF

3. Can I add my younger brother,my mother to my HUF so we can transfer all family property to that HUF.

Please share your expert advice. It help me lot for my future financial planning.

Thanks in advance



Learning

 6 Replies

Advocate Vishnu (Advocate)     24 January 2013

How did your father acquire the property...? 

Moreshwar (AFP, B.Com)     24 January 2013

Thanks for your respose.

From his own saving & investment

Advocate Vishnu (Advocate)     25 January 2013

did you execute a relinquisment deed in your mother's  favour...?

Moreshwar (AFP, B.Com)     25 January 2013

no. but we have to do some thing before 31 st march. 

Advocate Vishnu (Advocate)     26 January 2013

Then, all the three of you are legal heirs of your deceased father and each are entitled to 1/3rd right in that property. You  need not do anything at this point of time and I don't see any legal advantage of your tax statement under HUF  category. Nothing to worry.

DAULAT DILBAUG (Problems related to money marriage matters.-dostnaye@gmail.com)     26 January 2013

The HUF will be a separate legal entity under IT act so you will get benefit of threshold exemptions.

 

All properties of the father left behind whether by self earned income or inheritance will the corpus of the new HUF.

 

The new HUF is automartically created and it will be separate from your individual assets. This is a great benefit for Income tax now and for future also.


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