Transfer of assets to huf

alok khare (Querist) 23 May 2013 This query is : Resolved
Hello I have purchased home without any loan on my name ( Mr xyz zyx ) now I want to know how I can transfer the property on my HUF account.

SO that after possession, rental money not count on my account for tax. I have taken money for home from my relatives or can say get from my marriage.
1) I am Having HUF bank account and PAN.
2) not sure if I can take home loan as well on HUF account.

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Raj Kumar Makkad (Expert) 23 May 2013
First of all get information from banker whether they are ready to advance loan as desired or not and if yes whether to HUF or you individual and thereafter act accordingly.

alok khare (Querist) 24 May 2013
I do not want to take loan I have my other sources to pay for home. Now my question how I can transfer this to my HUF account?

R.K Nanda (Expert) 25 May 2013
contact bank.

Hemant Agarwal (Expert) 27 May 2013
1. As a owner of the property, you can defintely transfer the same to the HUF, vide a stamp-duty paid registered Gift deed. After the title-ownership has changed, the rental income will be accured to the HUF a/c and taxable only to the HUF. Transfer of property using any other means would be null & void and illegal.

2. Forget loan on HUF. Banks dont entertain loans to HUF or private trusts or similarly.

Keep Smiling .... Hemant Agarwal

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