06 July 2008
If an assessee Mr. X (Family members:a minor son M, majaor son S and daughter D and Mrs. x ) has inherited any property from his ancestors will that be inherited by him in his individual capacity or in the name of HUF . If inherited in the individual capacity and later on converted to HUF property, will provisions of section 64(2)of income tax act and section 4(1A) of wealth tax act attract or not. will the answer change if Mr.X has two brothers one is RAM(major)other is shyam(minor)and Mr.X's mother is alive?
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