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vipul shah (professional)     25 February 2022

Huf property

Respected sir

I am karta of HUF Having 5 co parceners HUF has one proprerty to sell kindly guide me how to handle it so that legally problem in future does not arises and from income tax point of view less income tax to pay for it. Pls guide



Learning

 3 Replies

G.L.N. Prasad (Retired employee.)     26 February 2022

You can contact a local advocate giving you POA  for executing such sale in an individual name for HUF for a cause with consent and for distribution of their shares after-sale. The shares can be paid by means of a Bank demand draft with proper receipt from each of them.

Palak batra   26 February 2022

Dear Querist,

 

To sell a property under HUF it is important to have consent of all the members but there are some exceptions like legal necessity, benefit of estate or for the performance of indispensable duties where the karta can sell the property without the consent of other coparceners . 

 

There are tax exemptions in case of short term capital gain for a Hindu undivided family, Income tax will be exempt on short-term capital gain on sale of the property if the profit (or total taxable income) stays within Rs.2,50,000.

 

Regards,

Palak

Dr J C Vashista (Advocate)     27 February 2022

As Karta of HUF show the documents of property to a local prudent lawyer for better appreciation of facts and professional advise.


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