Please Help: INCOME TAX
Posted Date : 25-Oct-2011 , 05:00:47 pm | Posted By: MANISH KUMAR DANIEL
Category :
Income Tax | Answers :
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Comments :
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When an Individual has transferred his house property for creation of his HUF, then whether such transfer will be taxable under capital gain head? |
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Answers:
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 Answer by: Anjali Arora |
| Yes & for detail go thru section 64(2) of the income tax act.
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| Comments |
| Posted By : Unmesh |
01-Nov-2011, 06:35:09 |
| The question of creating a HUF in the strict sense of the term does not arise. What is normally created is a nucleus to a HUF. It is a presumed state.
Your family constitutes a HUF. The initial nucleus to the HUF may be brought in as a gift from an outsider to it.
It may be possible for a coparcener to impress his individual property with that of the HUF after the initial nucleus is available with the HUF.
You may note that impressing of individual property with that of the HUF by a coparcener will attract the provisions relating to clubbing under Section 64(2) of the Act.
The initial nucleus or corpus of the HUF can come out of partition of a larger HUF or by way of will, where the intention is clear that the property should be received by the HUF. |
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| Posted By : CA VIPIN GARG |
27-Oct-2011, 09:15:01 |
| Dear Manish Ji, Wishing you a very Good Morning.
As per my understanding Yes, it will be taxable under capital Gain head because an individual member cannot transfer taxfree, the property to the huf untill and unless it is joint property of the members or ancestral property.
Hope you got the answer you are looking, have a nice day Manish Ji.
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