Huf

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 August 2013 Sir,
Facts:

1. my father and mother are Retired Govt. Employees.

2. we have land on which we maintain apple orchards. one piece of land is solely on my fathers name and other piece of land is ancestral land which comes to my father after partition between brothers.

3. I i.e son looks after the apple orchards and the money after selling the apples come to my account.

Question:

4. now the question is that if we make HUF does the land becomes the capital of the HUF. secondly, can son become the Karta of the HUF even if father is alive.

5. In case father is the Karta of HUF can son has the signatory authority. Because in my case till now I make all the payment cheque/cash.

thanks

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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07 August 2013 Any adult member after evry other members consent can become karta, in ur case son can be karta even if father is alive.

there is no rule that only father has to be karta and son can sign validly as karta after his appointment as karta.

if father is karta then karta is responsible for all transaction on behalf of HUF.
karta can delegate his power of authority to son for signing after making a valid power of attorney.

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Querist : Anonymous

Querist : Anonymous (Querist)

07 August 2013 thank you for replying so instantly

please tell me about HUF capital as per my query

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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07 August 2013 only if it is reg in name of huf seperately then it belongs to huf.

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Querist : Anonymous

Querist : Anonymous (Querist)

07 August 2013 Thanks Brother
hope bother you sometimes

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