Hi
We have a ancestral property of my grandfather and he has three sons my father and two ncles,but transferred in name of one of my uncle but treating it as ancestralproperty.Property is still under construction but builder is paying rent for the same.My question is:-
1) Can the property be transferreed back to a jointownership kind of thing or say HUF so that it technically goes back to joint.Question is can brothers be members of an HUF.
2) Currently the rent income arriving from the property is distributed by uncle equally,so one months rent he takes other two he gives to my father and other uncle.However i believe taxability would still remain in his hand if i am not wrong.so whats the best way of tax planning in this case.
Regards
CAVishal Mehta
CAclubindia
