Whether a Karta can in his right keep the money of his HUF in a SB account in his name as a custodian of the family's fund? (Kindly qoate the case law)
CA Sameer Singh
Karta of HUF is the name given in the law. Otherwise he is in total control of all the properties.
You can open a account in your name and sign as karta HUF. Soppose your name is Ranbir M. sharma . Than you open an account in the name of Ranbir M,. Sharma Karta HUF. The bank may ask you to prepare a rubber stamp, which may be made in following format.
Ranbir M. Sharma,
Karta HUF.
The bank may ask you to give names of all the copancers of this HUF for their records only. Some banks not all may ask for signatures AND photos of all the members of all the HUF. These are pocedures only, the Karta will have full authority during his life time or till such HUF is partitioned to oprate the account.
