HUF Related, Income Tax

[M Saran]

Is it possible that an Huf sells a ancestral house and the receive the amount in the names of HUF members in their Bank accounts.....

 

Is the Cap Gain taxable in the hands of member?????

 

Do we assume it as partion of HUF or not????

Warm Regards

M Saran               

Posts / Replies

[Rama Krishana]

As long as no partition of HUF took place, the sale proceeds of house which belong to HUF is taxable in the hands of HUF only. Mere receipt of amount in the account held in the name of any member of HUF would not change its taxability.