Transmission of huf demat account
Nirmal
(Querist) 14 August 2012
This query is : Resolved
My father had a demat account in the HUF name. He expired in March leaving ME (Only child) and my mother as the co-parcerners.
On request for changing the karta name, the DP is saying that as per Section 6 of Hindu Succession Act 1956 , I need to submit a succession certificate from the court. They say that once the KARTA dies, the HUF has to be partitioned.
As per his WILL he has authorized me to operate the demat accounts.
Kindly advice.
adv. rajeev ( rajoo )
(Expert) 15 August 2012
on the basis of the will you can claim the D mat a/c. You produce the will to the concerned department.
prabhakar singh
(Expert) 15 August 2012
Seek a Probate or letter of Administration first,then approach depository.Succession certificate too shall be granted only after proof of WILL.
I think Depository is Right,how can it ascertain that your WILL is genuine and there
are no claimants against it??
Nirmal
(Querist) 16 August 2012
Dear Mr. Singh, I and my mother are the claimants, and she is not against it, for some cases of 138 where my father as a KARTA was the complainant, we both have given affidavit in court that I am the new karta.
Hemant Agarwal
(Expert) 16 August 2012
1. In HUF (as a independent entity) matters, there is no question of any Will, Probate or SA or LA.
2. The new-Karta to-be can file due procedures, means a declaration with the HC, after obtaining consent affadavits of all the participants of the HUF, and THEN "only" do all what the new declared Karta, wishes to and continue the HUF, else dissolve the HUF and partition the properties.
Keep Smiling .... Hemant Agarwal
M V Gupta
(Expert) 16 August 2012
The Bank's view that once Kartha dies HUF should be partitioned is not legally correct. HUF will continue with the senior most male member of the family as the new Kartha.As the new Kartha you have every right to operate the DP A/C. As ur father executed a will it is necessary toget the will probated by the Court. This is necessary for the administration of the estate of the deceased.
