Family consists of Father, Mother, daughter and son who is married and has wife and minor daughter. Father, Son, Daughter has coparcenary rights. If a family has some ancetral properties, out of which one property is sold after 2005 (i,e, daughter getting equal right alongwith other coparceners) and money received is under HUF status. Other properties are not sold and may not be sold recently. Father, son daughter are coparceners of this HUF. In resepct of money received partition is required. Other ancestral properties are unsold and coparceners have their rights defined under Hindu Law. If money received of the sold property is divided by partition deed equally as per the coparcenary rights, will it be complete partition under Income Tax Act?
What can be done if one member is insisting on partition.
