H U F
JAYESH G YAGNIK
(Querist) 14 March 2010
This query is : Resolved
MY WIDOW MOTHER OWNED ANCESTRAL ( MY FATHER'S AND HIS FATHER'S)PROPERTY AND SHE DIED IN 1995. THE PROPERTY WAS IN HER NAME AFTER MY FATHER'S DEATH. I AM THE ONLY SON AND HAVE A MARRIED SISTER. NOW THE PROPERTY IS ALREADY TRANSFERED IN MY NAME AFTER MY MOTHER'S DEATH. I SOLD THIS PROPERTY IN 2008. NOW CAN I SHOW THE SALES PROCEED RECEIVED AS MY H U F CAPITAL GAIN?
SOME ONE TOLD ME THAT FROM A LADY IF THE PROPERTY IS RECEIVED TO ANY MALE MEMBER (SON) CANT FORM H U F?
IS IS NECESSARY THAT THE PROPERTY SHOULD COME FROM A MALE MEMBER IN MY HANDS TO FORM A H U F?
PLEASE GUIDE...
jayeshgyagnik58@yahoo.co.in
A V Vishal
(Expert) 14 March 2010
What was your status viz. Were you a minor or major at the time of death of your father. Further in either case you are entitled to a share in the ancestral property. Your HUF comes into existence from the date of your marriage. You can take a stand that the assessment should be done under HUF status since the property of your mother is neither her self acquired or inherited from her father. File your returns under HUF status.
