yashsr (CA) (2285 Points)
22 April 2013Hello,
Assume that there is a HUF known as 'Sachin Tendulkar HUF' of which Sachin Tendulkar is the Karta and the Co-Parceners include his wife Anjali, son Arjun and daughter Sara. Assume that both Arjun and Sara are majors(i.e. above 18) but were minors when the HUF was formed.
Can Sachin Tendulkar withdraw money from the HUF without informing the Co-Parceners? Or is the consent of the same required from them?
CA Kedar Sakhardande
(Proprietor)
(942 Points)
Replied 23 April 2013
Consent as such will not be required. The karta can withdraw the amount.
But if by this withdrawal karta converts HUF property into his personal property, the co parceners can apply for partition of HUF.
yashsr
(CA)
(2285 Points)
Replied 23 April 2013
| Originally posted by : CA Kedar Sakhardande | ||
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Consent as such will not be required. The karta can withdraw the amount. But if by this withdrawal karta converts HUF property into his personal property, the co parceners can apply for partition of HUF. |
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What if the Karta wants to withdraw money from his HUF Bank account to his personal Bank Account and co-parceners are against this decision? Can Kart still withdraw money?
CA Kedar Sakhardande
(Proprietor)
(942 Points)
Replied 08 May 2013
yes karta can withdraw the money. But the other coparners can obtain court injunction provided that they can substantiate that the karta wants to convert HUF property to his personal property.
Ritik Chopra
(student)
(8128 Points)
Replied 11 March 2021
Karta has the authority to withdraw money without taking consent from the co-parceners provided it is not being converted as personal property.
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
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