Rights of the coparceners and karta, to divide/sell an ancestral property
Can Karta sell HUF property without consent?
In this case, taken up by Two-Judge Bench of the Supreme Court, the Court has ruled that Karta of the Family can sell share in ancestral property on account of legal necessity even without obtaining due consent of other coparceners.
Can Karta sell HUF property without consent of minor?
Consent from all the members of HUF is necessary because the karta can sell alone only in necessity of family and. distress or for benifit of state in normal circumstances all the members has to give their consent as karta is only care taker not sole owner. Also if it is a flat in society kindly.
Can Karta mortgage HUF property?
The HUF property is not an individual property that it can be mortgaged for the purpose of obtaining loan for a company. The karta can mortgage the HUF property only for the benefit of its members.
Can HUF property be transferred?
Therefore a HUF property cannot be transferred to anyone’s name at the fancies and whims or based on ever changing necessities. You all can sit in a family meeting, discuss the issues and amicably sort out the issues which law cannot provide.
Can I sell undivided ancestral property?
While the head of a Hindu undivided family (HUF) has the power to manage the family assets under the Hindu law, an ancestral property cannot be sold by the sole decision of one or part owners, since four generations have their claim over such a property.
Can a property be registered in the name of HUF?
6. Ld. AR forcefully argued that the property of a HUF could be held in the name of the Karta of the HUF or any member of the HUF. Therefore, property purchased in the name of any member of the HUF is eligible for claiming exemption under section 54 of the Act.
Does son have right on father’s property?
No son (or daughter) has legal right over the self acquired property of his father or mother. The son could however claim a share if he can prove his contribution in the acquisition of property.
Can my mother sell ancestral property?
Your mother can sell a property if she has purchased the same from and out of his own funds and you can not question the same. But if in case where the property came through succession after the death of anyone of your family members and where she got such right in it, she can not sell it without your consent.
Can I sell inherited property?
Nothing belonging to the deceased can be sold until probate is granted. However, there are often multiple beneficiaries of a will, such as if you are inheriting property with siblings, so it can make sense for the property to be sold as quickly as possible after probate is granted.
Can HUF get loan?
However, an HUF can own a residential house without having to pay tax. In addition, it can also avail of a Home Loan to purchase a residential property and get tax benefits up to Rs 1.5 lakh under Section 80C of the Income Tax Act for loan repayment and up to Rs 2 lakh for interest thereon.
Can loan be given to HUF?
The HUF can also give loans to the karta or co-parceners for setting up a business. A caveat is in order here. If the coparcener borrows money to start the same business in which the HUF is engaged, the tax authorities may raise an objection.
Can Karta of HUF give power of attorney?
yes he can execute an power of attorney by mention all his contents or specific power by nominating to act on behalf your Dad. …