Individual coparcener cannot be taxed for capital gain on property of HUF

Shri B.S. Venkatesan Vs ITO (ITAT Chennai) Conclusion: An individual coparcener who was shown as owner in the registered sale deed could not be assessed for capital gain arising in respect of the property belonging to Hindu Undivided Family. Held: In the present case, assessee being one of the coparceners, the property was purchased by his father in the name of the assessee and his brother. On the date of purchase, assessee and his brother were admittedly minors and they had no independent source of income. Hindu Undivided Family is not a legal entity under the common law. Therefore, it could ...