Let's say, husband (Karta) creates an HUF with wife and 3 sons as members and all assets of HUF are built by means of gift/loans from husband over time.
what will be each person's share of the HUF assets?
Will it be 1/5th (assuming 5 members) or will the Karta divide it as he likes? Or is it something that must be mutually agreed between all male members?
Thanks.
Every co parcener has a share in the HUF property.
Share of Co-parcener may be unequal by mutual agreed among the co-parcner.one care should be taken in creation of assets by tranfer gift from Member to HUF is clubing provision. Income arising from such is clubbed in the income of transferror.
Is it always an "equal share" or is the exact share that goes to each member determined by the Karta?
CAclubindia
