Conversion of ancestrol property into huf property ?

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Dear all,

I got  1/2 share in ancestrol property through  registered relinquishment deed ( i.e all other legal heirs relinquished their share in our favour, me and my uncle) , now I want to convert my share of property into HUF ( My HUF  ,i will be karta in that HUF) property ,so that  " income under the head house property is taxed  in hands of HUF . Is it possible if yes then what is the procedure

 

Thanks in Advance!

 

Replies (1)

IF ANCESTRAL OR OTHER PROPERTY IS TRANSFERED TO HUF,THE INCOME FROM SUCH HOUSE PROPERTY IS CLUBBED IN HANDS OF TRANSFEROR.IF HUF PARTITION TAKES PLACE,THEN THE SHARE OF HIS SPOUSE AND MINORSON INCLUDED IN HIS INCOME


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