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Tipsy (importer)     05 April 2008

HUF Property

     HUF property even after Father/Mother death.and than it is to be distributed, the income generated from that property will be taxed in the hands of HUF, in the other case it will be taxed as individual income to all beneficiary A/B/C/D/E. Do We have to count tax 30% on 10 Lakhs i.e 3 Lakhs Each one has to Pay 6OOOO Rupees because purchase price of beneficiary is zero, it is just
assumption,  what is real taxation or how it can vebe done?


 2 Replies

Manish Singh (Advocate)     05 April 2008

If the property is still under HUF then it will be taxed as a whole under the taxation provided to a resident Indian. If divided, will be taxed separately.

Rajesh Thakker (Advocate)     25 April 2008

No effect of death of Father/Mother in the case of HUF property. Even after death of father/mother HUF property remain the same until the partition of the HUF. The income will be assessed in the hands of the HUF and not an AOP. Question of 30% is not arise.

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