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Bank account of a HUF

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31 January 2009 What will be the treatement of HUF account on the death of KARTA.If other Co-parcners are will to continue the existing account.

1. Existnig account can be continued with Senior most male co-parcner be designated as KARTA.

2. Existnig account to to be closed and a new account is to be opened.

Kindly guide me in this matter.
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CA. B.SRINIVASULU

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CA. B.SRINIVASULU (Expert)
01 February 2009 HUF account is also like a perpetual account of company or partnership firm.

The person who has become karta has to submit his identity proof address proof and also submit a letter alongwith death certifiacate of the erstwhile karta along with legal heir certifiate.
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