Is it huf property or individual property.
vinay khanna
(Querist) 10 August 2013
This query is : Resolved
Is it huf asset or individual asset
Long time back my father threw his one self aquired property into the common hotch potch of the family by his declaration that the property as belonging to huf consisting of himself,his wife and two sons as members with right of survivership and other incidents of undivided coparcenary and gave up all rights and interests in the said property except as karta of Huf in income tax for income tax purpose only.His declaration was accepted by income tax department and property now belonged to HUF and HUF returns were being filed every year.In land & development office,New Delhi,m.c.d. electricity and water were in his(father) individual name.In Land and development,New Delhi he did not convert it to huf or maybe Land and development ,New Delhi does not convert it to H.U.F. After my father expiry this property was mutated in land and development office,New Delhi in individual names consisting of my name,brother name and my mother name.Now is this huf or individual asset.
adv. rajeev ( rajoo )
(Expert) 10 August 2013
huf consisting of himself,his wife and two sons as members. You and orthers were the members of HUF and when it is declared as HUF property it amounts to HUF property and after the death of the father legal heirs of your father will get equal share.
