09 December 2011
upon death of karta, is the HUF dissolved or does the eldest son takesover as new karta? Is name of the HUF required to be amended? Is it required to apply for new pan? If the family want to dissolve it, how can they proceed? can an existing HUF gift its property/funds to any of its member or any outsider? what will be the tax implications in such case?
10 December 2011
Point wise reply as under: 1.eldest son will be the next Karta 2,no need to amend HUF name. 3.No new Pan requited. 4.No dissolution. You can make full partition and make assessment by passing order from assessing authority u/s 171, You can study section 171 to get much more.
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