We have some ancestral property that belonged to the HUF(consisting my mother and myself) created by my father. My father passed away intestate in 2005 leaving behind my mother and myself as the legal heirs.
My understanding is that after the death of my father, I, being the eldest male member of the family, become the karta of this HUF with my mother and my wife being the members.
SInce the HUF was created by my father, the HUF PAN Card is in his name.
We are planning to dispose off the property but am not sure how the proceeds of the sale will be taxed.
Also, none of the banks are allowing me to open an account with this HUF stating that the karta and HUF name should be the same.
Can I create a separate HUF (since am married) and transfer the entire property to this HUF? What would the process be?
Thanks a ton for your help.