Posted On 01 December 2010 at 18:22
There are 4 Coparcerner in a HUF consisting of Karta, his wife , a major & married son and a married daughter. HUF have immovable property and on going business conern. All member decided to go for family settlement, by meets and bonds by way of regd. settlement deed .. In settlement deed the karta and his wife want to retain their life interest in immovable property and after the death son will get absolute right in the immovable property.As well as on going business concern, karta wants to keep life interest and after his death it will go to his son. Now my querry is :
1. Whether it will treat as a full partition u/s 171 of I T Act ?
To activate Click to Talk, e-mail at