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Question ID : 43327

PROCEDURE IN CASE DEATH OF WIDOW OF THE ONLY ONE MALE COPARSENER

In our case of HUF there were one male member and his wife. Now in this previous year the wife is expeired and therefore the only sole surviving coparceners as a single male is remained. In this case the query is whether the balance sheet containing the properties of huf is necessarily to be added in the individual balance sheet of the male coparceners was doing business in his individual capacity and declaring individual income in his return of income. The huf since never having taxable income not file its return of income up to today. therefore in case we merge the properties and liabilities of the huf in the balance sheet of individual to disclose the properties of huf as received share of coparcener of the huf.

Posted by MAHADEO VIRUPAX WALI on Jul 15, 2022

Filed Under DIRECT TAXES

Answer ID : 83550

Yes. Properties in the HUF will devolve upon the the living co-partioner and the HUF shall be clubbed with the income of the living copartioner.

Posted by CA. JHA SHANKAR KUMAR on Aug 01, 2022