huf property

Dear Tarun,

The question involved in your query is not the question of law which can be answered with reference to any provision of Income Tax.

It involves a question of fact "Whether HUF was a beneficial owner of the Property purchased by the money given by HUF"?

Secondly, I read somewhere that a HUF cannot give Gifts to its members or co-parceners. So if HUF was not the beneficial owner of the property that money given to the co-parcener should be in the nature of Loan.

Court will decide based on Facts & Circumstances of the case.....

thanks dear amir

but i want to make u more clear  that the property  means land was purchased 40 years ago in 1969. a house was constructed over it in year 1973.the aforesaid land was alloted by municipality commitee for a conideration of rs.20 per square feet at that time.the house bulid over it is used by four families but now the house is not in a condition so that a family can easilly  live there in now.so all the members(except that coparcener) want to reconstuct the house but that coparcener arises a disputes that you can not do so bcoz the property in his name.

regards

tarun rustagi