Huf

This query is : Resolved

Hetvi (Querist)
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05 August 2014 Mr. A got ancestral property i.e. agriculture land before his marriage from his father Mr. X.
Now after marriage of Mr. A, can Mr. A treat income of that agriculture income as income of M/s A HUF ?

CA UMESH DULAL

CA UMESH DULAL (Expert)
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05 August 2014 1st of all, Mr. A has to transfer the property to HUF.

Hetvi

Hetvi (Querist)
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05 August 2014 Thanx Umesh Sir ...but still some confusion...

is it compulsory to transfer property from Mr. A to M/s A HUF?
As Mr. A got ancestral property..can Child of Mr. A get claim right of his share in that property?

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CA UMESH DULAL

CA UMESH DULAL (Expert)
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05 August 2014 HUF is created by the act of party. So Mr. A has to transfer the property to HUF to become property of HUF.

If HUF is formed, then his child can get his share in that property.

Hetvi

Hetvi (Querist)
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05 August 2014 again thnk u..

If property have to transfer then what is procedure for that? and how many stamp duty paid for it?

CA UMESH DULAL

CA UMESH DULAL (Expert)
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05 August 2014 depend on state where the property lies as stamp duty is state subject

Hetvi

Hetvi (Querist)
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05 August 2014 is that attract any tax ..income tax???

CA UMESH DULAL

CA UMESH DULAL (Expert)
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05 August 2014 as it is agriculture land, no Income Tax. As gift tax is abolished, no gift tax. you have to pay stamp duty only.