HUF demat account

This query is : Resolved

Mayura (Querist)
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15 June 2009 My father had a HUF pan card and a HUF demat account. After his death we wish to transfer the shares to his wife. He didnt had a will. My mother already has a normal pan card. Does she need to apply for a new HUF pan card. If yes then should the new number of the pan card should be the same as of my father. If my mother ordinary pan card is ok should we acquire any other certificate or document.

CA UMESHKUMAR R. ACHARYA

CA UMESHKUMAR R. ACHARYA (Expert)
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20 June 2009 After the death of your father, the eldest male member of your father Family becomes the karta of H.U.F.of your father as per Law.and he has all rights and powers and liabilities de facto as your father had.

So you should open demat account in your mother name with name of other family memeber as per your family understanding and at the same time approach Demat depository account with your father death certificate.

Normally Depository asks for consent of all existing members for trasfer of shares as precaution and for avoidance
of legal complication in future.

Please Note that with death of your
father H.U.F.will not end only karta will change.