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Consequeces on death of karta

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Querist : Anonymous

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Querist : Anonymous (Querist)
06 February 2012 1.WHAT IS THE CONSEQUECES ON DEATH OF KARTA?
2.WHETER HUF CEASES TO BE EXIST OR NOT?
3.HOW ROI WOULD BE FILED ? (ASSUME KARTA EXPIRES ON 30.06.2010)PLZ TELL ME HOW TO BYFERCATE INCOME EARNED UNDER PGBP CG AND INT INCOME AND SPECULATION ?
4.TO WHOM PROPERTY OF HUF WOULD BE TRANSERED ? TO HIS SON OR OR TO HIS WIFE ?
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
06 February 2012 In case of death of Karta, HUF is not dissolved. The eldest survivng male member shall become the Karta.

There is no need to bifurcate the income.

HUF is a separate entity from the individual.

Income throughout the year shall be taxable in the hands of the HUF.
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