Hello!
Husband formed an HUF 6 yrs ago. It has Karta (himself), wife & daughter. Started with a gift money from his father & assests were added from shares trading over these years. Now he applied for divorce & wants to secure his HUF assests so that these do not fall automatically into estranged wife's hands. daughters custody is with him only.
What is the best way out. Is it wise that he breaks HUF altogather?
i think is should be divided as per HUF deed
Means..........Wife is not a part?? Then how does HUF behave? Do these assets move vertically? Like...... my daughter & so on? Sorry to be hypothetical, but if I get divorce decree:
1) Do I have to reveal my assets in this HUF............in that case, will she be 50% claimant on these?
2) If I marry again, is it needed to add new wife's name to this HUF replacing the previous one?
Meanwhile, this HUF was started by some gift money from my father to HUF on paper, so no HUF deed yet, 3-4 IT returns I have filed. Now out of fear of losing my hard earned money, I have stopped further trading in its account. Income so far was from FDRs + Share trading
thanx to noble souls for replies
CAclubindia
