01 May 2012
Dear sir, My father died in the month of April2012, he had huf firm and also had huf account and fds in the bank, however me and my mothere is members in said huf now after his death what will be the legal status of huf a/c and fds? Whether my fathers huf will be disolve? Or as I am unmaried still can take charge of his huf as karta as his son? Please guide me on this aforsaid issue your suggetions will be valuable for me. Thanks and Regards
01 May 2012
After the death of your father, you will be the successor, i.e the next Karta of the HUF. But all the property held by the HUF shall belong to you and your mother. The HUF will not get dissolved automatically. But you can disolve the HUF, if you want to and with the consent of all the members in the HUF, you can create and execute a property distribution deed of the HUF.
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