Inestate inherited property and its status

venkat b. (Querist) 23 May 2013 This query is : Resolved
Sir,
My father has expired in 2010 leaving an independent building which myself and my brother (only heirs)have shared by clearly mentioning the measurements through a partition deed and got it registered. The property was self acquired by my father.

Now, I want to know whether my share of property would be treated as my own or HUF.
How to deal with the rental income .

regards.

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Raj Kumar Makkad (Expert) 23 May 2013
Such property shall be treated as exclusively your self acquired. You have all independent rights of the owner therein.

venkat b. (Querist) 24 May 2013
Thx for your reply. Why my auditor says he can form huf.

ashutosh mishra (Expert) 24 May 2013
Q"Thx for your reply. Why my auditor says he can form huf. "

Answer!?Why are you shy to ask it from your auditor?????

ashutosh mishra (Expert) 24 May 2013
When there is a partition deed acted upon and letting is by different leases then income of rent is individual of the lessor(landlord)and not of any HUF.

Had it been a case of devolution of estate on heirs without partition then only it could be seen as HUF.

venkat b. (Querist) 24 May 2013
Thanks a lot for your clarification,sir. There is a partition deed and letting is by different leases. so, i understood that the rent is of my individual status and i need to add it to my income.

Now, pl. let me know what responsibility i have towards my children ( 2 sons) with regards to this inherited property .

with regards.

V R SHROFF (Expert) 24 May 2013
your auditor probably want to save Income Tax.

But to keep property as individual , is recommended to avoid future complication. A bird in hand is twice that in nest

ajay sethi (Expert) 24 May 2013
it is your own property . you can bequeath it by will to your children or whom sover you desire . you can sell said property of gift it .

venkat b. (Querist) 24 May 2013
Thank you very much for the clear cut clarification , sh.VR SHROFF saab.
I also thank sh. AJAY SETHI saab for your clarification.

As this is inherited property for me and is individual property which i can use it as i wish, I have the following question:
What rights my children will have on this inherited property ?

I shall be very thankful for your replies.

niranjan (Expert) 24 May 2013
Sinnce the property is partitioned,it has become your self acquired or absolute property,so your children have no direct nexus with the inherited property.

venkat b. (Querist) 24 May 2013
Thanks for your clarification niranjan sir. At the end, I thank all the experts for their replies and finally thanks a lot to lawersclubindia.com.

regards.