Conversion of ancestrol property into huf property ?

Deepanshu Agg. (CA) (270 Points)

15 September 2012  

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!