My father's HUF have a floor measuring 2000 sq feet. There are 4 member's in my father's HUF, father, mother , myself (son) and my sister. I am married and have two kids and have my own HUF. Can he transfer/gift that floor(property) to my HUF.
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Karta can alienate the joint family property with or without the consent of the other coparceners. No consent is required in the following cases:
1)For the Purpose of Legal Necessity
2)For the benefit of the Estate and
3) For the performance of Indispensable Religious Duties
It is better father obtain consent of other coparceners for transfer of HUF property in your HUF
A karta does not have right to take such unilateral decisison to transfer the whole sahre to another.
So if the other members of HUF of your father agree he can do so,
If no member of the HUF has any objection, and all are willing to relinquish their rights to the property in favour of any other HUF member, the Karta can be considered to have fulfilled the provisions of law on gifting such property. He can then execute a gift deed in your favour. The provisions of Gift Tax would be attracted.
The properties under HUF to which your father is a karta, cannot be transferred to you without partition.
Hr can dissolve the HUF and partition the property after which on the basis of mutual agreement and family arrangement, he may allot you the desired portion of property as your share.
He canot gift you the property but a partition can be done.
