Power of a Karta
This query is : Resolved
10 June 2008
Whether a Karta can in his right keep the money of his HUF in a SB account in his name as a custodian of the family's fund? (Kindly qoate the case law)
CA Sameer Singh
SAMEER SINGH & ASSOCIATES
CHARTERED ACCOUNTANTS
9/2 1ST FLOOR ARPA COMPLEX
INFRONT OF NAVBHARAT PRESS
BILASPUR (CHHATISGARH)495001
PHONE 07752-230024
CA Sameer Singh
SAMEER SINGH & ASSOCIATES
CHARTERED ACCOUNTANTS
9/2 1ST FLOOR ARPA COMPLEX
INFRONT OF NAVBHARAT PRESS
BILASPUR (CHHATISGARH)495001
PHONE 07752-230024
S.Srinivasaraghavan
(Expert)
02 October 2008
The account can be in the name of karta but it should be suffixed as HUF account if it is to be identified clearly, so that there is no mix up of personal and HUF properties. Even for taxation this will be necessary.
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