Huf related

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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.

 

Replies (5)
Q 1.Since your father expire before Amendment 2005, Your married sister have on right on HUF account. Daughters will get the benefits of this amendment 2005 only when their father died after September 9, 2005.Apart from this, daughter can become a participant only when both father and daughter survive on September 9, 2005
2. Jewellery will be considered HUF property because same is mentioned on a paper with father signature and huf stamp.

Doubt for Jewellary as HUF asset, unless justified as ancestral.

Jewellary matter of litigation, unless justified as ancestral.

Sir, my father's Will where I am sole legatee mentions about gold,silver and jewellery as his self acquired assets in his lifetime. 

He formed HUF in 2002 ,died in 2003. HUF has PAN, Bank a/c and some money in bank. Only in a new assess paper gives how much jewellery he has in HUF . This paper has his handwritten account and his signatures (2002)

My mother gave all the jewellery to me 7 months before her death. But she mixed all items . She left notes with some pieces which piece to be given to her daughter in law, grand daughter inlaw and so on. Mother was uneducated so didnot keep formal

inventory and account .However, some of this jewellery is shown in her old wealth tax returns.  What I need to do to sort this all and streamline to stay out of harassment by Indian govt /tax officials.

 

How to prove that the jjewellery is ancestral ? I know for sure that it is ancestral.  (1)The color and wear and tear shows ageing

(2) The 18 year old paper which descibes it has a signature and date of father.  I think a forensic testing of this account paper and ink can prove that the paper and writings are 18 years old.

(3) Mother 's handwritten notes are old.  (4) The paper it is wrapped are very old and yellow and fragile.

(4) Picture of mother handing out it . Also, some of it shown in 25 year old wealth tax return.

Will all the above evidence enough to prove its ancestral nature ?

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