02 September 2009
my family owns some land and to save tax they decided to make a pvt ltd company and buy the land and issue shares to the family members accordingly ,now we want to divide the land ,we do not want to sell it ,every member needs posession of the land we bought it for 150 rupee /sqft and now its 750 rupee /sqft . now my question is how can we divide it so tat i can get the posession of land
02 September 2009
sir ,its not a HUF actually while buying we bought as a family and the shares were issued to the partners accordingly but no partner can use his land because there is no physical partition just the shares have been alloted according to some ratio now i want my share of land for my use but since there is no physical partition i cant get my land is there any way out
03 September 2009
Yes u can take your share from other member and give no objection certificate or power of attorney in the name of that member whom u sell ur share of land.
CAclubindia
