HUF
This query is : Resolved
15 April 2009
We have a ancestial property. Where my father, my brother, my uncle and his son were inhereints of the property.
Now since father expired, will it automatically the share of my father transferred to my mother, myself and bother? what procedure is to be followed?
My mother (who is senior citizen) is also received rent of 3,81,000/- in this year from the said property since father expired. How tax liability will be calculated thereon?
Should we create HUF?
Now since father expired, will it automatically the share of my father transferred to my mother, myself and bother? what procedure is to be followed?
My mother (who is senior citizen) is also received rent of 3,81,000/- in this year from the said property since father expired. How tax liability will be calculated thereon?
Should we create HUF?
16 April 2009
The Income is that of HUF from the very beginning as the property is said to be an ancestral one. Moreover, there exists a HUF already. The rental income as such may be taxed as the income of that HUF. Moreover, after the death of father the HUF continues as it is with your brother as the karta of that HUF. Your mother and brother have coparcenary rights in properties and you are elegible for maintenance and marriage expenses.
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