Dear All,
One of my friend have purchased a house property of Rs. 18.05 lacs in 31.12.09 In the name of his & his wife (50% each) but my friend Fully paid purchase ammount and in Previous IT returns he show 100% (house) cost at their B/S now client has sold that property on 13.08.2011. accordingly Huge short term capital gain generated.
My Querry Is:-
1) Whether Clubbing Provision Applicable.
2) Whether Tax can be save by making huf before 13.08.2011. if yes then what is the procedure for creation of huf & transfer of asset. is it nes. that property should be registered in huf.
CAclubindia
