Taxability of property

[BAL KRISHAN GARG]

A,B&C are brothers and properties purchased in 1966and partition take place in 1982.A become the owner of a specified property along his family.in 2004 he died and Property tfd.in the name of A's Son in 2006 .Property is comprising of 4 floors and son has sold 3 floors and residing in ground floor in 2009 -10 .Advice me the taxability of the same in the hands of Son. What can be the planning is possible for saving the tax.

[Ravi Chopra]

The entire of scope of tax planning is depending upon the fact that the what is the status of property? after the death of A, whether this property remains as part of HUF assets or becomes the sole property of the son of the deceased. Such transfer is by way of will or by way of further partition or some other factor.

AI Summary

Tax Implications on Property Sale: Assessing HUF Status vs. Sole Ownership for Inherited Property A query was raised regarding the taxability of a property originally purchased by three brothers in 1966, partitioned in 1982, and later transferred to the son of one brother, A, after A's death in 2004. In 2009-2010, the son sold three out of four floors of the property while residing on the ground floor. The response highlighted that tax planning depends on whether the property remains part of the Hindu Undivided Family (HUF) assets or becomes the son's sole property, influenced by factors such as transfer by will, further partition, or other considerations.