05 February 2008
your query is with reference to the registration of property left by a Hindu on his death as per Hindu succession Act or assessment of HUF under Income tax Act 1961?
05 February 2008
If your query is with respect to Income tax Act 1961, then all you have to produce is the evidence of the property belonging to the HUF,as elaborated in section 171 of the Income tax Act 1961. This will essentially mean the property having been obtained through a partition, total or partial, depending upon the date from which compulsory total partition was made mandatory.
06 February 2008
Sir,Actually the property has not yet being partitioned. The HUF has to be registered for the first time.I am told that i have to get a bank account opened in name of HUF by taking a cheque of nominal amount as gift from any of the relatives. Then i have to apply for the PAN. But i am not sure about the procedure as i have never practically dealt wih the same.I woul be reaaly gratefull to you if you can clear my doubt. Thanking You Ashish
07 February 2008
It is necessary to substatiate that the property is possessed by a Hindu family, derived by way of succession. That is the criterion. In otherwords, HUF happens by way of Hindu law, and it is not formed or registered as a firm or company.