Query on huf
Querist :
Anonymous
(Querist) 09 January 2012
This query is : Resolved
My father and his brother co inherited a property from grandfather through a will. Then latter in 2003 my father purchased half share from his brother through a registered sale deed(freehold property) and become sole owner of the whole property.
My brother in law claverly asked me to show my income HRA as rent on above property to my father on HUF to save my tax libility. So without knowning his actual intentions my father created a huf bank account and pan number in 1999(as karta) and i started giving every month cheque to the huf account as rent. Every year my father use to file income tax retrun from income on property as karta of HUF and seperate from his own retruns.
My father died in 2007 leaving a registered will in my favour of the above said property.
After my father being only son(married with two daughters) and one divorced sister, one married sister, i become karta and started managing the bank account of huf and filing returns.
My brother in law is now saying that the property is HUF property and my married sister has right in that property and demanding his share in the bank account as well.
Could you please suggest me how do i handle the situation?
Shonee Kapoor
(Expert) 09 January 2012
Who all were the members of HUF.
Once the money is going in HUF, all claimant have equal share.
However, the property can be yours solely.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
Querist :
Anonymous
(Querist) 09 January 2012
About members of HUF, is there any way to know that? I have no knowledge.
When my father applied for HUF bank account creation and HUF PAN card. Our family was
myself, my father only, mother expired in 1992 and both my sisters were married.
now : father (expired), myself, my wife, two daughters and one divorced sister and one married sister. My divorced sister stay seperatly and married sister stay in her in laws house.
COuld you please guide me that i should now stop paying to HUF account to save tax because it is eventually getting loss to me if it is getting divided.
What will happen to the property? Will it be consider as HUF property by law?
DEFENSE ADVOCATE.-firmaction@g
(Expert) 09 January 2012
HUF is most intelligent way of saving taxes.It is an expert job to plan your incomes for minimum taxes.
Querist :
Anonymous
(Querist) 09 January 2012
Please let me know the status of above property. Will it be HUF property or indiviual property for me.
Querist :
Anonymous
(Querist) 10 January 2012
Is it advisable that i carry on paying rent against the property into HUF bank account?
Raj Kumar Makkad
(Expert) 15 January 2012
You have no other option but to do so in your own interest.
Querist :
Anonymous
(Querist) 16 January 2012
out of below who all now legally part of my father's huf?
My married sister, My divorced sister, my self, my unmarried daughters, my wife?
And how can i include my daughters and wife in part of my father's HUF account.
