Huf death of karta

Save Share

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 February 2013 "A" is a closely held company , one of the meember is HUF, the karta of the HUF has died recently, the shares are to be transferred in the indivdual name of his son,
Query : Can we do this?
What is the procedure?

Ajay Mishra

Ajay Mishra (Expert)

18 February 2013 Hi
It will be considered as transmission of shares on death of shareholder.

Requirement of documents/evidence for transmission of shares
Where title of shares comes to vest in another person by operation of law, it is not necessary to execute and submit transfer deed. A simple application to the company by a legal representative along with the following necessary evidence is sufficient:-
1. Certified copy of death certificate
2. Succession certificate
3. Probate
4. Specimen signature of the successor.
However the requirement of these certificate is not essential and depends on various circumstances of the case. Where the succession certificate has been granted in respect of shares, the company can not insist on the production of probate or letter of administration, the certificate affords full indemnity to company.{Thenappa Chettiar v. Indian Overseas Bank Ltd.(1943)}

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now