Can HUF property be transferred?
Therefore a HUF property cannot be transferred to anyone’s name at the fancies and whims or based on ever changing necessities. You all can sit in a family meeting, discuss the issues and amicably sort out the issues which law cannot provide.
Can we Mortgage HUF property?
1) HUF property can be mortgaged to secure legal debt for the benefit of HUF . … If loan has been sanctioned to the a HUF , then only property of the HUF can be mortgaged to secure the loan. HUF property is not accepted by bank to secure loan given to any other person.
Can HUF have income from house property?
c. If a member transfers his self-acquired property to the HUF without receiving proper sale consideration, income from such property is not taxable in the hands of the HUF. It will continue to be taxed in the hands of the member.
Can HUF transfer property to Karta?
Upon receiving an intimation for such partition, the karta can take steps to transfer a part of the HUF property to such coparcenary (based on his or her interest as on that date) and upon partition the said coparcenary shall cease to be a member of the HUF or have any interest to the remaining property thereof.
How can I transfer ancestral property to HUF?
Any ancestral property received on death or partition would be HUF property in the hands of the male recipient. Once properties are received as Corpus of the HUF, the best way would be to affirm the above facts on an affidavit so that the intention of the person to this effect is confirmed.
Can a HUF be dissolved?
An HUF can only be dissolved after the partition of the property. For this, the family must execute a deed of partition and distribute properties amongst the members (karta and coparceners). All family members must be part of the deed.
How is HUF property divided?
The Hindu Undivided Family or HUF is a business form recognized only in India. Partition of a HUF results in dividing or splitting up the HUF so that the property can be divided into shares of the individual coparceners (i.e. members in the family entitled to a share) instead of being held jointly by the entire family.
Can Karta sell HUF property without consent?
In this case, taken up by Two-Judge Bench of the Supreme Court, the Court has ruled that Karta of the Family can sell share in ancestral property on account of legal necessity even without obtaining due consent of other coparceners.
What is the highest HLA loan amount that can be taken?
Maximum loan amount Rs 100 lacs, maximum finance upto 75-85% of the project cost.
Can one person be Karta of 2 HUF?
Thus, it is possible a person can be Karta in two HUF. One your father’s HUF and secondly your HUF. Till your father’s HUF is partioned you can continue to be be the karta of the said HUF, if you are the eldest son otherwise the eldest son shall be the karta. So you can be karta for 2 HUFs.
Can HUF pay rent?
Yes, you can
It may further be noted that the HUF will be liable to pay tax on such rental income and will also get the standard deduction benefit. It is advised that the HUF should charge prevailing market rent so as to avoid any litigation by the tax department.
Is HUF deed mandatory?
Creating a HUF Deed is not mandatory and PAN Card and Bank Account can be opened without HUF as well but it’s always better to have a written document in place.