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nony (doctor)     06 August 2009

HUF

hi moderator,
i m a new member of ur forum.i was going thru mails written by other members ,they were very helpful. i have 2 quaries regardiing my HUF account.
1.my husband was the karta ,he expired last year,me n my minor son are the member of above said HUF.NSDL has asked me to get succession certificate as HUF has desolved? is it true? if so than can u give the reference of it.
2.HUF was generated by money gifted by my sister inlaw who is married ,now asking me to return that money , am i legally responsible to return that money? my husband already returned that money to her after earning but i dont have legal documents of that n she is denying n threatening me to go to court.


 



 1 Replies

Y V Vishweshwar Rao (Advocate )     06 August 2009

1- In HUF death of any Person /Coparcner / or / Kartha the HUF can not be dissolved - it continues with the remaining Members - it continues with  rights  & Liabilities -                 Succession Certificate requirement  as per NSDL is nto clear - particulars are not  available - After Certain limits  amounts / assets the  Succession Certificate is beign insisted by Authorities for payments .,....................... if there is no Nomination .

2- Amounts gifted by sister and accepted by Donee - brotehr , the trasaction  is closed by  Acceptanece  of Gift - there is no promise to return the amount at the tiem of Gift and accpetance - No obligation to return the Gift Amount

A Gift accepted with out any Condition need not be retuned

Your Huband returned  some  amounts - to be verified - is it return of the  Gift amounts or  connected with other transactions  -

Gift amount with out any Conditiosn (or promise to return) need not  be returned -                     Once  Gift accpeted by the donee it becomes  his  absolute proerty/Asset  .

 

 


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