It will have four equal parts as woman is also a coparcener
My father is kartha of a HUF property(land).He is alive with his wife, son and married daughter(myself).Now he wants to go for full partiotion of the HUF property.should he divide the property three equal parts for wife,son and daughter OR he has to divide four equal parts for himself,wife,son and daughter?we need clarification on this point.
The kartha is the head butvje also has a share in the property. The property has to be divided into 4 equal parts.
Regards
for recognition of partition under tax laws, division of properties by metes and bounds is necessary.
2) it can be divided into 4 equal parts
Property will partition in four equal parts. IF he wants to surrender his share, than have to execute release deed after dissolution of HUF.
Than all three will hold 1/3rd share each and nothing by him.
Dear Sir,
The following information may kindly be read:
The Hindu Law defines a Hindu Undivided Family (HUF) as a family which consists of male lineage decedents from a common ancestor and also includes their wives and unmarried daughters. HUF is also a separate legal entity under the Income and Wealth Tax Act and is liable to pay tax. It is common knowledge that the affair of the HUF is managed by the Karta. Hindu Law is comprised of two schools of law, Dayabhaga and Mitakshra school. Dayabhaga is applied in West Bengal and Assam and Mitakshra are applied in rest of India.
Partition means ending the status of Joint Hindu Family. Under Hindu Law when the Joint Family status comes to an end there is division of property among members and joint ownership of property comes to an end. Partition of the HUF property can be of two types under the Hindu Law i.e. total and partial. In total partition, all the member of the HUF ceases to be members of the HUF and the whole property ceases to be the HUF property. In partial partnership, the willing members of the HUF opt out of the partnership and the rest of the people continue to be members of HUF. Partial partition can be property specific too where the property is divided between members and the rest of the property continues to HUF property.
To start partition proceedings all that is necessary is a clear indication by a member of the HUF to separate himself from the family. Such declaration should be known to the members of the HUF who would be affected by the decision. Partition of the property will only take place when all the members of the HUF agree to the terms of the partition.
Partition of HUF can be done through family settlement or through partition deed. Stamp duty is not required for family settlement and thus is not required to be registered, whereas partition deed attracts stamp duty and must be registered. Due to huge expenses that come along with partition, family settlement is preferred. Things to keep in mind while perusing with the option of family settlement is that the partition should be voluntary and should be without any force, threat, coercion or fraud. It should be fair and equitable settlement and though it is unstamped and unregistered it is binding on every member.
1. Since the HUF consists of you, you have equal share in the property.
2. Moreover after the amendment in the year 2005 of the Hindu Succession Act, a daughter has equal rights even in ancestral property of father.
3. In other words your share in the property can not be deprived and if it is done you have the right of filing suit for partition.
1. FIRSTLY dissolve HUF via a registered Dissolution Deed with strategic clauses, which should include how much and in which manner and to whom, the HUF property must be divided between the family members.
2. The above will ensure that the property can be incorporated into individual income tax returns, for future LTCG.
In four equal parts he and the wife both will have share in it along children as she is not coparcener but member of huf.
Your father as a karta of HUF can not make any partion without consent of all members of HUF.
This will be illegal and void in law.