HUF Account
This query is : Resolved
Ravi Mishra
(Querist)
31 January 2009
What will be the status of HUF account on the death of KARTA. Other co-parceners are willing to continue existing account by designating Senior Most male member as KARTA?
1.Is it permitted. Existing a/c can be continues with new KARTA?
OR
2. a new a/c is to required to be opened.
1.Is it permitted. Existing a/c can be continues with new KARTA?
OR
2. a new a/c is to required to be opened.
CA. B.SRINIVASULU
(Expert)
01 February 2009
Existing account can be continued.
Not necessary to open a new account.
Inform Bank along with documents such as death certifiate, legal heir certifiace and new karta id proof and address proof.
Not necessary to open a new account.
Inform Bank along with documents such as death certifiate, legal heir certifiace and new karta id proof and address proof.
01 February 2009
List of all co-parceners is placed on record of the bank at the time of opening of an account. You need to submitt a copy of the death certificate and specimen signatures of the next eldest male member who automatically becomes the karta of the HUF.
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