Income tax, huf property held by member

This query is : Resolved 

Online (Querist)
29 November 2020

Unlike income tax act, HUF as a person does not have judicial status when immovable property is to be held. Accordingly I plan to purchase property from HUF fund but in my name & PAN in sale deed as well as title document. When I sale this property, whose title records will have my name and my PAN, AIR information in my ITR will have mention of this property. However the capital gains will reflect in HUF income tax returns. Thus though my ITR will have details of this sale transaction in AIR, it will not have any capital gains shown in my ITR while HUF ITR will have capital gains narration but no information in AIR.
What could be consequence of this discrepancy and how do I set this right?

Isaac GabrielOnline (Expert)
29 November 2020

Better get clarification from the CA Club.

P. Venu Online (Expert)
30 November 2020

The matter requires professional consultation.

Rajendra K Goyal Online (Expert)
04 December 2020

If you have purchased the property from HUF funds, the PAN of HUF need to be given at the time of purchase. If borrowed funds from HUF and purchased in your name, HUF has nothing to do with the deal.

At the time of sale, if property exists in the name of HUF, its PAN need to be quoted as seller's otherwise yours would be shown.

Karta of HUF and Karta in person are separate, both should have separate PAN.

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