vaibhav (student) (221 Points)
02 November 2012
We had sold our HUF property in sept. now to get exemption for sec 54 I (member in huf) am purchasing new house.
i like to ask you whether should I buy new house as individual or huf status?
in other word should i give my individual or huf PAN crd to regisetr my new house?
Is any difference in the above two ways?
regards..
Neha sharma
(-)
(1257 Points)
Replied 02 November 2012
To avail exemption under Section 54, you would be required to make the investment in the name of the HUF only.
There is a difference between Individual and HUF and that is why there are 2 different PAN Cards as well
Komal Sharma
(Assistant Accountant)
(1887 Points)
Replied 19 November 2012
Neha is correct u have to register the property on the name of HUF and give the PAN card of HUF also.........
Parnika Enani
(-)
(41 Points)
Replied 20 November 2012
You have to buy your new house as an individual only and thus provide the PAN Card of yours. Yes, ofcourse u'll have different implications for the two options.
CAclubindia
