Son’s share in HUF will become property of son’s HUF & father’s share will come to son in his individual capacity

Adhiraj Pranay Shodhan HUF Vs ITO (ITAT Ahmedabad)

The assessee before us is a HUF. During the relevant previous year, the assessee sold three properties. In the income tax return filed by the assessee, however, only the capital gains on sale of ¹/₂ of these properties were shown. When the Assessing Officer probed this apparent discrepancy, it was explained that these properties were purchased by Shri Pranayakumar Shodhan (Shodhan Sr, in short) HUF consisting of Shri P H Shodhan, his son Adhiraj

Please become a Premium member. If you are already a Premium member, login here to access the full content.