Father passed away in Feb 2019 with two sons and mother left behind. He had an HUF with no property but HUF had loaned some money to other family businesses.
Questions:
- Does the HUF automatically transition to Elder son ? or we need to do something here ?
- How do we determine who were members of HUF and who were coparcener's when it was formed or by default everyone in family is a member and it is understood that both sons are coparcener?
- Can the younger son demand separation of HUF and in that case how will the assets / money of the HUF is handled ?
- Does this mean that the money loaned by HUF has equal right of all coparcener and members in equal share?
Thanks
Sanjay
CAclubindia
