Hello
We are a joint family of 7
Parents
Brother-Wife-Kid
Me & Wife
After both of us were married we bought a new apartment. The only property in our family .
Paid for by both of us and both parents also contributed financially.
The agreement deed is in the joint name of 4 of us: both brothers & parents but the exact proportion hasn't been specified in the deed.
My brother is planning to start a HUF.
My query is if in the future we sell this property does my brother's wife get a share in the sale proceeds because of the HUF ?
Or does the property equation anyhow gets affected by the creation of the HUF?
Would very much appreciate any help.
Thank You
CAclubindia
