banner_ad

HUF / Divorce / Bank Account

others 478 views 2 replies

Learned Friends,

Advise requested as under:

  1. I am undergoing divorce with my wife (Second Motion to be done in July 2023) and as per Settlement Agreement in the Mediation Center of Hon’ble Delhi High Court, wife was supposed to transfer her shares and bank balance valued in total around Rs. 15.00 Lacs in the joint demat and savings accounts respectively to me both of which were in dormant state.
  2. We approached the bank where officer advised that if I open my 3-in-1 account viz savings, trading and demat in same bank to facilitate smooth transfer.
  3. While processing opening of accounts, it was observed that my individual PAN is reflecting in the bank’s system as I held a HUF account with the same bank and the system was not allowing the new individual’s account to be opened.
  4. As there were no assets in the HUF except nominal balance in account and I was not expecting any further activity in the HUF account, my marriage was going to be dissolved soon, my elder daughter is married, younger daughter who is an adult, is aligned towards her mother, I applied to close the HUF account after taking signatures of my wife and both daughters as this was mandated in the Settlement Agreement.  The said HUF account is now closed and new accounts are opened. The process of un-freezing and Re-KYC of wife’s account is in process.
  5. Turns out I took this step in haste as I did not realize that ITR of FY 2023-24 is to be filed which involves an approximate TDS refund of Rs. 30-40,000.
  6. What should I do?
    1. Can I give my individual account number in the forthcoming ITR for refund?
    2. If not, how can I re-open a HUF account maybe in another bank with me and my elder daughter only in the sense my marriage will be dissolved in July 2023, wife won’t remain a member of the family, younger daughter is not on talking terms with me and won’t sign any form.  Elder daughter will readily sign.

Thanks & Regards.

Replies (2)

Open new HUF account with both of you as coparceners, in another bank after the settlement.

Perfect Resolution by Dhirajlal Sir


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 30 April 2026
Article Assistant

M/s G.K. Choksi & Co.

New Delhi

CA Inter

View Details
Company
16 May 2026
Audit clerk

mgirt & co

Bengaluru

CA Inter

View Details
Company
Featured 26 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
14 May 2026
Senior Associate

ABHISHEK SHANKAR AGARWAL & ASSOCIATES

Kolkata

CA

View Details
Company
26 May 2026
Audit executive

vdsr & co LLP

Chennai

CA Inter

View Details
Company
29 April 2026
Associate - Audit, Tax & Compliance

Open Co Consulting LLP

New Delhi

B.Com

View Details
Company
06 May 2026
Account Assistant / Article Clerk

V.K. Ranjan & Co(Chartered Accountants)

New Delhi

B.Com

View Details
Company
01 May 2026
Chartered Accountant

Agrawal Jain & Co.

Raipur

CA

View Details