HUF Related Capital Gain, Income Tax

[M Saran]

Dear Netizens ,

The query is regarding the claim of exemption under section 54. in in the case of the HUF.

An ancestral house is sold by a person on his name situated in a Village. The sale proceeds is received through an account payee cheque in the name of his two sons.

Can the person who sold the House claims that it is a partition of HUF but no PAN no is allotted to the person in capacity f karta. 

Is any capital gain provisions attract to said persons or his sons.????

Posts / Replies

[Rama Krishana]

HUF property would remain taxable in the hands of HUF on transfer.

Exemption u/s 54 can be availed by the HUF only.