Forum
06 December 2018 at 13:02
An HUF where the Karta was only male and it has wife and two major daughter as member/coparceners.The Karta has expired.The HUF has a Bank account with the demised karta as signatory.Now the Bank is asking for "Succession Certificate" and says it will distribute the credit amount among three ladies equally on receipt of succession certificate.However my Income Tax Practioner has opined that the HUF never dies and it shall continue to exist with a different Karta(choosen by the remaining three members) and there is no need and also provision for Issue of a :Succession Certificate" in case of HUF as it is a Constituted Body whereas the Sucession Certificate is issued in case of death of an individual without will. Money is held up. Please give opinion for right step.
Huf deceased on PPF account can karta be female
An HUF where the Karta was only male and it has wife and two major daughter as member/coparceners.The Karta has expired.The HUF has a Bank account with the demised karta as signatory.Now the Bank is asking for "Succession Certificate" and says it will distribute the credit amount among three ladies equally on receipt of succession certificate.However my Income Tax Practioner has opined that the HUF never dies and it shall continue to exist with a different Karta(choosen by the remaining three members) and there is no need and also provision for Issue of a :Succession Certificate" in case of HUF as it is a Constituted Body whereas the Sucession Certificate is issued in case of death of an individual without will. Money is held up. Please give opinion for right step.