HUF Property
Vinay
(Querist) 23 November 2010
This query is : Resolved
HUF Property given for re development and builder alloted flats to all co parcencers in their individual names.
Now is this considered by law as partition HUF ?
R.Ramachandran
(Expert) 23 November 2010
So long as the individual members continue to be part of the HUF, and as long as the flats alloted by the individuals's name are treated by the persons as HUF property, and if the sale proceeds (extra cash over and above the allotted flats) if any received from the builder is put into the common kitty of the HUF and accounted, the same cannot be considered as partition of HUF.
Whether HUF would continue as HUF or would get partitioned has to be decided by the members of the HUF and not by an outsider such as the builder who has no concern whatsoever about the HUF. The mere fact that the builder has given the flats in names of individuals who form part of the HUF, would not ipso facto mean that there is any partition in the HUF.
Vinay
(Querist) 23 November 2010
Thanks
But if the HUF decides to go for partition
1)How will this property be distributed since this property is alloted to individual names
2)How will be do partition of HUF
s.subramanian
(Expert) 23 November 2010
I agree with Mr.Ramachandran.
M V Gupta
(Expert) 25 November 2010
This is in reply to the further querry raised by Mr. Vinay. You have to execute a partition deed wherein you have to specify the distributuin of the properties, both movable and immovable.As the immovable properties are involved you have to compulsorily register the Partition deed with the Sub Registrar of Assurances having jurisdiciton over your area. The Partition deed becomes the title deed for each memebr of the family.
