DIRECT TAXES
| Partition between husband and wife under the Hindu Law Mon, 08 Nov 2010 |
| The Hindu Partition between husband and wife under the Hindu Law QUESTION: I have a joint family property entitled to separate assessment as a Hindu Undivided Family (HUF) consisting of myself and my wife. We have no children. I wish to make a partition between myself and my wife especially, since my wife has also contributed to the growth of the joint family property. I, therefore, wish to treat the joint family property as co-owned property. Will there be any objection in having two separate assessments after partition for the registration of which the stamp authorities have no objection. ANSWER: A registered document by itself need not be accepted at face value. What was joint family property will continue to be joint family property, unless there is a valid partition in such a family. A partition can be effected between the coparceners with daughter now included after Hindu Succession (Amendment) Act, 2005. Wife has not been given such right to ask for partition unlike her daughter, who has been given such right. The proposal intended to save tax does not appear to accord with law and runs the risk of rejection from the Income-tax Department. |
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