TaxTMI 
TaxTMI 
Clubbing of Income from Conversion of Self-acquired Property into HUF Property - (New) Section 99(3) / (Old) Section 64(2)
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.... owned by an individual is converted into property belonging to the Hindu undivided family of which he is a member, through-- • (a) the act of impressing such separate property with the character of property belonging to the family; or • (b) throwing it into the common stock of the family; or • (c) transfer, directly or indirectly to the family, without ad....
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.... and the income referred to in clauses (i) and (ii) shall, on being included in the total income of the individual, be excluded from the total income of the family or the spouse. Exception The provisions of section 99(3) shall not apply where the property of the individual has been converted into property belonging to the family on or before the 31st December, 1969. Meaning of Pr....
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....ing it with HUF character, or • Transferring it to the HUF without adequate consideration, and • Such conversion happens after 31st December 1969 Notwithstanding anything contained in any other provision of this Act or in any other law for the time being in force, for the purpose of computation of the total income of the individual under this Act for any assessment yea....
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....r as may be, apply accordingly: Provided that the income referred to in clause (b) or clause (c) shall, on being included in the total income of the individual, be excluded from the total income of the family or, as the case may be, the spouse of the individual. Meaning of Property "Property" includes • any interest in property, • movable or immovable, ....