• Transfer of property in HUF

My father(karta) wants to transfer his HUF property to his two sons(member of huf) in which his wife,daughter is a member of HUF Both ways by either discolving or not dissolvng HUF firm because there are some tax saving FD's which are yet to mature and maturity will take another four to five years
Asked 1 month ago in Property Law
Religion: Sikh

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14 Answers

He can transfer both ways by dissolving or not dissolving he will incur tax liability for the same

Prashant Nayak
Advocate, Mumbai
22447 Answers
49 Consultations

4.4 on 5.0

All three, Father, mother and daughter have to execute release deed in both sons favor to relinquish their share in both movable and immovable property. There is no need to dissolve HUF.

Yogendra Singh Rajawat
Advocate, Jaipur
21402 Answers
31 Consultations

4.4 on 5.0

1. HUF is a separate legal entity having separate PAN number.  Hence property standing in name of HUF "CANNOT" be Sold /Gifted /Donated /whatever .... without dissolving the HUF, via a registered deed.

2. However in the case instant, the present Karta may duly resign (due to health reasons .... ) and Son may be appointed as Karta, till future purposes are achieved. Bank may be duly informed via a HUF Resolution about change of Karta and authorized signatories.

Hemant Agarwal
Advocate, Mumbai
5441 Answers
25 Consultations

5.0 on 5.0

gift by a member of a joint family of his interest in the joint family property is favour of a stranger or a relative is invalid so as not be bind even the coparcener who made the gift."

Reference was also made in the decision to Ranganatham Chetti v. Ramasami Chetti, where it was laid down that an alienation by way of gift by an individual member of a Hindu family of his undivided share or any portion thereof is void in toto.

Ajay Sethi
Advocate, Mumbai
79343 Answers
4746 Consultations

5.0 on 5.0

- As per law, your father cannot transfer his HUF property , without dissolving the HUF. 

- The only way a HUF can be dissolved is by a partition, and all members should agree to dissolve the HUF.

- Further, under a partition, each member has an equal right to the assets/property owned by an HUF, and it cannot be sold & transfer without having each member of the family on board, and even an unborn child, who is still in the womb of its mother, has a right to the property , however it is not necessary to divide the properties in metes and bounds

- Further, Partition can be total or partial, and in total partition all the members cease to be members of the HUF and all the properties cease to be properties belonging to the said Partition could be partial also, and in partial some of the members go out on partition and other members continue to be the members of the family i.e. some of the properties, can be divided among the members other properties continue to be HUF properties. 

- Further, it is not necessary that other members should agree to the partition , and other members can continue to remain joint.

- Hence, dissolve the HUF , and partition and transfer . 

Mohammed Shahzad
Advocate, Delhi
5538 Answers
51 Consultations

5.0 on 5.0

He can do so through a will or a Family settlement deed for which it is advisable to contact a expert, probably a Legal Practitioner which includes me too.

Anand Shukla
Advocate, New Delhi
632 Answers
13 Consultations

4.9 on 5.0

Please do it provided all are agreed and record consent of all by a resolution on the record. 

Ramesh Pandey
Advocate, Mumbai
2538 Answers
8 Consultations

5.0 on 5.0

1. Your sister is also entitled to equal share in the HUF property as Coparcener.

2. So if your father intends to transfer the HUF property to only his sons, then it's not legal, as your sister also has equal share in it on par with her brothers, as per amendment to the Hindu Succession Act, 1956 in 2005.

Shashidhar S. Sastry
Advocate, Bangalore
3236 Answers
175 Consultations

5.0 on 5.0

Your father can dissolve the HUF by drawing a family partition by dividing the property into number of equal shares to the number of coparceners including your father. 

Your mother shall not be entitled to any coparcenary share in it as a right because she is just a member whereas your your sister shall be entitled to an equal share as a coparcener.

The FDs can be foreclosed. 

 

T Kalaiselvan
Advocate, Vellore
69353 Answers
929 Consultations

5.0 on 5.0

First you need to dissolve HUF and than perform partition or distribution if the HUF

Ganesh Kadam
Advocate, Pune
11668 Answers
109 Consultations

4.9 on 5.0

This can be done without dissolving the HUF

Rahul Jatain
Advocate, Rohtak
5364 Answers
4 Consultations

4.8 on 5.0

We suggest that you should dissolve the HUF and execute an deed whereunder you should divide each person share. The deed which you execute you are required to get the same registered

Mohammed Mujeeb
Advocate, Hyderabad
18942 Answers
11 Consultations

4.5 on 5.0

Tge karta cannot transfer property by himself. He cmha sto take permission from the other members of the HUF. A relinquishment deed has to be made by the other shareholders.

Rahul Mishra
Advocate, Lucknow
11562 Answers
20 Consultations

5.0 on 5.0

1. The property of HUF cannot be transferred by your father to son's without consent of all coparcenars of HUF.

2. There is no need for dissolution of huf for transfer of immovable property if  all coparcenars are agree for the transfer.

Mohit Kapoor
Advocate, Rohtak
10685 Answers
7 Consultations

5.0 on 5.0

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