Transfer of immovable property from huf to its member


We have two Immovable property in my Father's HUF name, we have following members in our HUF - Father, Mother, Eleder Brother (married with two children) and Me (married with one child). we are a happy joint family with NO dispute. For the purpose of Mortgage with Bank and Banking limits for our business we want to change the title of property from HUF to my father's Name (KARTA of HUF), (As banks do not accept property with HUF title as per the latest guidline of RBI), Request to please tell us the Detailed process of converting the title, Stamp duty implecation and Tax implecation on each member. URGENT MATTER for us please advice
 
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Retired employee.

Cintact Advocate give a relinquishment deed for that property, stating that as a reward/gift of the father for dedicated hardwork in promoting HUF, and contact Chartered Accountant about the tax implications.

 
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Lawyer in Hyderabad.Email Id:ramachary64@gmail.com

The relevance of concept  of coparcenary is that only coparceners can ask for partition from HUF.

 
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There can be Total or even partial partition. There are certain problems with partial partition in Income Tax. A CA can explain it to you. There can be a gift to the Karta. An advocatecan guide you totally.

Even oral partitionis valid. Howevever it is better to reduce to writing a memorandum of the oral partition. 

 
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