hi,
If Mr X had purchased a property on his name and inside the ledgers, the property is shown as HUF property. all the money needed for buying land and construction is coming from huf. Now, after X's death, as property was on his name, it is transfered to 3 of his legal hiers. One daugher take money and gifted it to the X's son and now X's son and wife puchased a seperate property on their name using the same money.
Queries:
1. Will this new property can be considered as X's HUF property?
2. Indexation for LTCG will start from date of aquiring OR date of death OR date of transfer of property from X's name to their legal hiers.
3. As the new property is purchased on combined name of X's wife and son, can it still be shown as HUF property (as mr. X had done.).
4. Will X's son will be able to buy a property using X's HUF? Can he transfer their newly owned flat to X's HUF without any tax implications? Posession will be given after 2 years. This will be done to save LTCG.
