My father passed away in 2014. His HUF is the owner of our home. My mother, one married sister, one widowed sister and I are in Delhi. Now I desire that our home should be in my name for ease of succession. Also, another real estate asset lies in the name of my HUF. Can my HUF gift this asset to my wife? I eventually want to dissolve my own HUF.
—Name withhold on request Pursuant to the amendment in the Hindu Succession Act, 1956 (“Act”), in 2005, read with the Supreme Court judgment in the case of Prakash and Ors versus Phulavati and Ors, a daughter would be considered to be a coparcener and entitled to the same rights in the coparcenary property as that of a son, if
she and her father were alive as of 9 September 2005. Since your father passed away in 2014 and both your sisters are alive, they would also be coparceners in your father’s HUF. Further, your daughters would also be coparceners in your father’s HUF.
So, if the home is the property of your father’s HUF, it would remain the property of the HUF. It would, however, be possible for you to bequeath your undivided share in your father’s HUF to your wife and two daughters by executing a Will. If you wish to dissolve your father’s HUF, you may do so by a partition of the HUF where the coparceners and members would be entitled to a share. Alternatively, other co-parceners and members can execute deeds of release of their undivided share in your favour, and then you would be entitled to the house as self-acquired property.
To read full answers, go to www.livemint.com/askmintmoney
Marylou Bilawala is partner, Wadia Ghandy & Co. Advocates, Solicitors and Notaries.
Queries and views at [email protected]