Dear Accounting professionals,
My father had his HUF where he was Karta until he died in 2003. I was made Karta .My mother was member.She died recently. The accountant never updated names of my wife and Son in records. I have HUF bank account with HUF PAN card and a declaration by father on stamp paper from year 2002. Bank admits presence of this bank account.
Q 1. Does my married Sister have any right to my father's HUF account . (Please note father died in 2002 before ISA amendment 2005) ?
Q 2. Some pieces of jewellery which belonged to my father and appears on a paper with his siganture and HUF rubber stamp.. was handed over to me by mother before her death. It seems it is part of HUF but I dont have any more paper record of it. Some of it does appear on Mother's wealth tax return from 20 years ago.
Will these assets be considered HUF property or self acquired property of my father. ? Because I am the residuary beneficiary in father's Will as well as Karta of his HUF. Please explain the situation from legal standpoint.
CAclubindia
