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relinquishment by huf member

Abhishek Jain (90 Points)

25 January 2018

can a member of huf relinquish his share in one of the shop /property of huf in favour of another member

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3 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (174857 Points)
Replied 26 January 2018

Yes, at the time of dessolution......

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Abhishek Jain (90 Points)
Replied 26 January 2018

ok..thanks

can a member of huf gift his share in one of the shop/ property of huf in favour of another member

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (174857 Points)
Replied 26 January 2018

Basically, one can gift any property/asset only of which he/she is owner. One cannot gift Hawamahal, of which he is not an owner. Here the HUF is owner of the property. Unless it is dissolved and each members get their shares, they cannot legally gift/part away with any of its coparcener-ship. Moreover Tax Laws do not recognize partial partition of property or/and persons after 30-3-1978 on insertion of Sub-Section (9) to Sec. 171 of the I.T Act.