Regarding huf
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 December 2013
I have a client whose father has passed away few years back. An HUF was in the name of father. i want to dissolve the same & transfer the property in name of the head of karta. What document i need to prepare for the same in order to dissolve the father HUF & the related proceedings.
Please guide me asap.
Please guide me asap.
27 December 2013
HUF doesn't dissolve on the Death of the Karta but on the partition of the HUF...
the distribution will be mande as per the hindu act and as the amendment is there....from 9-9-05 the daughter has legal right in this HUF as per my knowledge the KARTA has to make effidavit and close all bank accounts in the name of HUF make aggreement for distribition of assets / sale of assets apply for the cancellation of PAN no..
the distribution will be mande as per the hindu act and as the amendment is there....from 9-9-05 the daughter has legal right in this HUF as per my knowledge the KARTA has to make effidavit and close all bank accounts in the name of HUF make aggreement for distribition of assets / sale of assets apply for the cancellation of PAN no..
03 October 2021
An HUF can only be dissolved after the partition of the property. For this, the family must execute a deed of partition and distribute properties amongst the members (karta and coparceners).
All family members must be part of the deed. The deed should spell out all the properties that are part of the HUF, which family members are dividing among themselves. The division of assets must be in line with the provisions of the Hindu Succession Act.
The Income-tax Act does not recognise a partial partition dissolution of HUF. Partition means ‘full partition;. For dissolution of the HUF, a family needs to draw up a deed of full partition and get it registered with the signatures of all members. Once the partition of HUF is complete, it will cease to exist.
All family members must be part of the deed. The deed should spell out all the properties that are part of the HUF, which family members are dividing among themselves. The division of assets must be in line with the provisions of the Hindu Succession Act.
The Income-tax Act does not recognise a partial partition dissolution of HUF. Partition means ‘full partition;. For dissolution of the HUF, a family needs to draw up a deed of full partition and get it registered with the signatures of all members. Once the partition of HUF is complete, it will cease to exist.
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