Dissolution of HUF in case of death of karta

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pooja (Querist)
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26 November 2021 How to dissolve the HUF when there is death of karta and there is only capital in liabilities side and deposits in assets side.What transfer entries needs to be passed ? What other formalities needs to be done ?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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26 November 2021 HUF is dissolved on the partition of property between the members. If there is no immovable property to be shared, make a notarized dissolution deed and settle the deposits amount. Apply to ITO for recognization of dissolution of HUF with settlement of any tax liability & surrender the PAN.

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