Huf bank operation on the demise of karta
This query is : Resolved
11 March 2017
My father was the karta in an HUF of which the bank account was opened.
Myself, sister (elder & married) & mom were the coparceners.
Recently my father passed away.
Bank says this HUF has to be closed & another HUF account has to be opened with a new karta (either mom or myself) only then the funds would be transferred from the old HUF account to the new HUF account.
Bank also says a new PAN of the HUF has to be prepared in opening the account & the old PAN will not work in the opening of new HUF account.
I consulted few CAs & their opinion was a new PAN is not required as only the karta(my father) has passed away & HUF is not dissolved. With the same PAN you can open another HUF bank account with a new karta(either myself or mom).
Few say that there are some legal formalities to be completed with the income tax & they have to be informed about the demise of the karta(father) & update them about the new karta(myself or mom). They can chanhe the PAN after updating their records.
I am really confused as to whom should I believe & what should I do.
Please guide me.
Thank you.
Myself, sister (elder & married) & mom were the coparceners.
Recently my father passed away.
Bank says this HUF has to be closed & another HUF account has to be opened with a new karta (either mom or myself) only then the funds would be transferred from the old HUF account to the new HUF account.
Bank also says a new PAN of the HUF has to be prepared in opening the account & the old PAN will not work in the opening of new HUF account.
I consulted few CAs & their opinion was a new PAN is not required as only the karta(my father) has passed away & HUF is not dissolved. With the same PAN you can open another HUF bank account with a new karta(either myself or mom).
Few say that there are some legal formalities to be completed with the income tax & they have to be informed about the demise of the karta(father) & update them about the new karta(myself or mom). They can chanhe the PAN after updating their records.
I am really confused as to whom should I believe & what should I do.
Please guide me.
Thank you.
GULRAJ AILANI
(Expert)
13 March 2017
You should go yo Banking Ombusdum Authority
further if possible In Bank account, There is Nomineee Clause.
Nominee can get Amount
13 March 2017
Thank you Mr.Gulraj. There was no nominee. I dont think ombudsman will also solve this problem. Its time consuming, tedious.
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