HUF : Transfer Of Property

Asked in Property

  • Krish Patel

    Bengaluru

Expert's Answers(5)

  • Advocate RAMACHANDRA

    Bengaluru, Karnataka
     

    Contact the civil case advocate

    May 8, 2023
  • Advocate Sanjeev Jain

    Muzaffarnagar, Uttar Pradesh
      8 Client Ratings

    Dear Client Depends on HUF members activities for further assistance book a consultation and rate me if you find my answer helpful

    February 22, 2023
  • Advocate Abhimanyu Gurawalia

    Patli Hajipur, Haryana
      60 Client Ratings

    If other legal heir don't have any objection then you can transfer one or two otherwise all the property will be divided accordingly.

    February 19, 2023
  • Advocate RAMACHANDRA

    Bengaluru, Karnataka
     

    Different types is there contact me

    February 19, 2023
  • Advocate Anik

    Bengaluru, Karnataka
      66 Client Ratings

    Dear client, An ancestral property is considered as a joint property of all members of the Hindu Undivided Family (HUF), and any individual member cannot claim ownership of a particular portion of the ancestral property. However, if you want to convert one of your own individual properties into HUF property, you can do so by gifting the property to the HUF, and then the HUF can become the owner of that property. To do this legally, you need to follow these steps: Get the property valued by a registered valuer to determine the fair market value of the property. Execute a gift deed in favor of the HUF and transfer the ownership of the property to the HUF. Register the gift deed with the concerned Sub-Registrar office and pay the applicable stamp duty and registration fee. Once the gift deed is registered, the property will become the joint property of all the members of the HUF, and any income or gains from the property will be considered as the income of the HUF. Note that there may be tax implications for gifting a property to an HUF, and it is advisable to consult a tax expert or a lawyer who specializes in property law to guide you through the process and help you understand the legal and tax implications of converting a personal property into HUF property.

    February 16, 2023