Mithil sharma (Salaried) 06 April 2009

HUF

My family comprises of:
1) Self, sole male, sole breadwinner
2) Wife, 2 children
3) Sister in-law (widowed), 2 children (my nephews).

My father's will bequeaths his self acquired property (our residence) to the four grandchildren (all minors), with me as the sole executor.
Would you suggest I apply for HUF status? If yes, what would be the advantages/disadvantages.

Thanks, in advance

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3 Replies

Prabhat Kumar (Advocate) 06 April 2009

Please explain for what purpose you intend to take HUF status? So far as your residential property is concerned it has already been given to you and your son and nephews.

Mithil sharma (Salaried) 06 April 2009

Thanks for the response. The property is NOT on my name, but on the 4 minor (children). Maybe, if I apply for HUF, later, there won't be any difficulty in getting the property transferred in their name. I don't know, just seeking suggestions.

Y V Vishweshwar Rao (Advocate ) 06 April 2009

The Property is given by your father to his gradn children and you are the executor/custodian udner the Will Deed . The Property is given to you ! no - It shows that the proerty is givne to the Minors and you have to maintain the same till they attain majority . The status of the Proeprty is Minors Property ,