09 May 2018
We booked a property in the name of “HUF” in 2010. My father is KARTA. Me and my mother is co-pa in HUF . The allotment letter was issued by the builder in the name of the “karta” and co-par.The BBA was signed by, both the members (karta and co-Par)Some of the payment was made to “Builder” from co-parc personal bank account.The property was purchased under CLP plan and in 2017 we received a possession letter from the “builder”and asked for the full and final payment. Later the purchaser (we)sell the said property.The balance payment of 5 to10 was made to “builder” by new owner. While considering the BBA and allotment letter The New purchaser made a payment in both the account 1. Karta 2. Co-parc. personal bank account Would you pls help me to make me understand how do we calculate the LTCG (if it’s there) in both the name (huf and co-parc)
09 May 2018
Since the property has been purchased in the name of HUF it is HUF Property. The payments made by the members of HUF including the Karta are made on behlaf of the HUF. . Similarly the new buyer has made direclty or indirectly the payments to HUF or on HUF's behalf. . What ever extra the members and Karta have received can be repaid to the HUF. . Compute tax in the hands of HUF. if there is any tax liability.
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