Tax implications of property gift and sale explained for family members

Tax implications of property gift and sale explained for family members

My mother-in-law owns the residential property where we all reside. My husband passed away last year, leaving behind a daughter and a son. The daughter is now 21 years old, and the son is 15 years. She has decided to sell the property to fund the purchase of a house for me and my children. … Read more

Can a single coparcener maintain HUF status? Tax implications explored

Can a single coparcener maintain HUF status? Tax implications explored

A HUF consisted of a father, his wife and their son. The wife passed away in 2010, but the HUF continued with the father and son as members. Differences arose between the father and the son. The son was allotted specific properties and separated himself from the HUF. No order was sought from the Income … Read more

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