Akash 12 October 2017

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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4 Replies

G.L.N. Prasad (Retired employee.) 13 October 2017

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.

Rama chary Rachakonda (Secunderabad/Highcourt practice watsapp no.9989324294 ) 13 October 2017

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

GANDHI MOHAN BHARATI (Pensioner) 13 October 2017

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.

Swain357 12 June 2018

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