Huf = depository account shares transmission
Goapl Garg
(Querist) 19 September 2014
This query is : Resolved
We have an HUF with my Husband as its Karta and we three others, wife+major daughter+major daughter as its members/coparceners. The karta(only male member) has expired.we hold shares worth 15 Lac in our Depository Account which need to be traded by the same HUF account with a new Karta, but apart from other formalities, the DP Participant prescribes that:"An Appropriate Order from a Competent Court" but the DP Participant is not able to clarify it in details, but insist that this is per guidelines of NSDL.
We require help about the nature of the order and the designated court from whom we should seek this order.Is Succession Certificate is meant here, but is it applicable in case of HUF..? Thanks & Regards.
T. Kalaiselvan, Advocate
(Expert) 28 September 2014
The trading agent may be insisting the legality of HUF, which he may not be aware, however, you may obtain legal heirs certificate from the revenue authority or get an affidavit duly notarised in this regard and produce it before them.
