04 January 2016
we are developing our ancesteral land in a joint venture with builder.Sold one flat and remuneration is credited to fathers account only.
we their 2 son are also owner of that plot by birth.
so how to allocate the amount between family.
04 January 2016
The development agreement would have been entered in HUF status. Hence, continue to receive in the same status. You and your brother are only sharers of the HUF assets and liabilities, till the partition of HUF. You and your brother are not owners of this ancestral land.
CAclubindia
