Huf
Rakhi
(Querist) 01 December 2015
This query is : Resolved
Sir
My query is regarding an HUF account.I want to know that our HUF comprised of four members - my husband and myself and our two kids who are minors.My husband passed away recently leaving three of us behind.I assumed the role of the Karta (female) being the only major member and got my bank a/c Karta changed.Now my question is that my elder son would be major next month.Now with him becoming major can I assume the role of karta still or legally he needs to become the karta ?If I continue as a karta will there be legal problems ?
My second query is that If I want to close the HUF in respect of my husband passing away,can I do that without much problems ?If yes,then how can i use that amount invested in HUF ?Can that money be easily transferred to my name or are there any restrictions ?Some of our property is also in name of HUF - can that be transferred to my name or my sons name ?
Please help me out with these queries as there is not much information regarding HUF and there is a mixed review from all with no confirmed legal aspects.
K.S.Srinivas
(Expert) 08 December 2015
1. You can continue as Kartha.
2The amount shall be shared equally among the family members of huf.
