• To add Inherited Property in HUF

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 this property to the HUF ?
Asked 7 years ago in Taxation

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1 Answer

What transpires from the query is that now you are the legal owner of the property which is evident from the documentary evidence of revenue records (property card as mentioned by you). Now once you are owner of an immovable property you can dispose it off (transfer) the way you wish to.

As regards your query in respect of adding (transferring) the same to your HUF with the view of income tax act , you can very well add it to HUF as per provisions of sec 56(2)(x)(b) of the I T Act ,1961 wherein  there is specific provision of  gift  from member to HUF and as such there would not be any tax implication on said transfer by way of gift.

 

Sunil Makhija
Advocate, Mumbai
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