HUF

Querist : Anonymous (Querist) 23 March 2010 This query is : Resolved
Can a HUF Savings bank account be operated by other coparceners after the death of Karta? Can a new Karta be appointed who can operate the bank account till all the assets of HUF are distributed? Please site section or case laws, if any. If not then what is the alternative to get the money from the bank account?

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Daksh (Expert) 23 March 2010
Dear Anonymous,

The answer to your query is although affirmative but the same is subjected to the conditions enumerated in the bank manual. Practically in case after the death of the Karta if other coparceners gives NOC and agrees for the operation of the same through their nominated person it is very much possible.

The only hitch is the bank can ask to get the succession certificate or opening of a new account by transferring the funds in the same.

Best Regards

Daksh

Manish Singh (Expert) 23 March 2010
Dear ..
the eldest coparcener shall be the karta in this situation and the huf needs to comply with certain formalities of the bank like providing death certificate and other formalities. but if you wish to partition the huf property you are always at will to do so.

adv. rajeev ( rajoo ) (Expert) 23 March 2010
It is to be decided amongst the family members that who has to operate the bank a/c and after the decision the name of the person who is going to operate the bank a/c is to be informed to the bank.

Parthasarathi Loganathan (Expert) 23 March 2010
To avoid further legal complications banks always insist for closure of HUF account and settles the coparceners. However, a new HUF account can be opened deciding as per new terms and conditions of HUF constituted. This is the simple solution