POSTED BY April 18, 2012 4:43 pm COMMENTS (2)ON
Please advise: Facts of the Case: (i) I am having 1 share for one apartment in cooperative group housing society at Gurgaon. For which I have taken a home loan from IDBI bank in the year 2004 by depositing the original share certificate with the bank .I am availing tax benefits for the interest paid and principal amount . The same apartment is also rented out and i am showing the rent received in my income tax returns. (ii) No conveyance deed of the flat has been carried out by me till date. (iii) There is as scheme floated by central government under the aegis of CGEWHO for housing project at Noida in which there is one condition that central govenment employee must not have any flat/house etc in NCR. (iv) I have made PAN card of my HUF with name VIVEK (HUF) and with the help of this i have also opened a Bank Account for my HUF.
Questions: (i) Whether the status of property will be changed if I blend my self acquired property to HUF? Whether the same is accepted in the eyes of law?
whether blending will make me eligible for participating in the scheme. legally. (ii) Legal procedure to do the same.