My father expired without making a will.I and my mother inherited some property ,house and land by this .My mother has forgone her share and given it to me by a registered deed .So have my uncles who also had equal share in the property.Now I am the owner of it and the Property card shows my name.I have a HUF . Can I now say that this is a HUF property for Income Tax purpose? Can I add it to the HUF ?What legalities have to be done?
Asked in Civil Law from Mumbai, Maharashtra
Hi, if the property is ancestral property it is better divide your property through partition.
for income tax queries please consult your tax consultant
This is not a HUF property as your mother and uncles have relinquished their share in your favour.
Thank you Sir's.Can I add this property to HUF ?What are the formalities or affidevits to be done to do so?
It is now three years that my father has expired and in truth it belonged to our entire family and so I want it to be put in the HUF .Please advice!
Asked 3 years ago
When HUF ceased to exist you cannot add the property to HUF.
you cannot add the properties to HUF