Hi Sir, I and my brother jointly Inherited property from my father after his demise. My father inherited property from his father through relinquishment deed at 1960s. Is this property is considered has HUF property which I inherited after my father demise. In RTC I. e., karnataka RTC property is mentioned has ಮೇಲಿನ ಜಂಟಿ. I and my brother both have HUF pan card separately. So still this property is considered has HUF Or individual? Thanks
Dear Client, As per your query, the property you and your brother inherit from your father would be a self-acquired property rather than an HUF property, since it is acquired under the relinquishment deed by your father, so under Hindu Succession Act, 1956, it is his self-acquired property. The property would be considered as your and your brother's individual property unless it has been explicitly dealt with by way of a Hindu Undivided Family (HUF) during your father's lifetime or after his demise. Separate HUF PAN cards would not make the property an HUF property, but a declaration or partition would be required to treat it as an HUF. Feel free to book an appointment for a detailed discussion on the issue.
Dear Sir, An HUF is a separate entity from a legal point of view. Here, individual members of the family have PAN cards, and the HUF has its separate PAN card. An HUF can run its own business to generate income. Better to change it as individual property of you both and entitled for half share each. .
