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HUF Partition
One HUF consisting of karta, his wife, two married sons & one married daughter having bank balalnce of Rs. 2.00 lacs & FDR of Rs. 4.00 lacs. Karta wants to close / discontinue the HUF file. What is the legal procedure of partition/distribution the balance (Rs. 6.00 lacs)of HUF
Replies (2)
the distribution will be mande as per the hindu act and as the amendment is there.... from 9-9-05 the daughter has legal right in this HUF
as per my knowledge the KARTA has to make effidavit and close all bank accounts in the name of HUF
make aggreement for distribition of assets / sale of assets
apply for the cancellation of PAN no
Proceedure for sale the business or close down the business
Karta has to make a dissolution / distribution of HUF deed. It has to be signed by all co-parceners. Any co-parcener can assign / relinguish his /her right in the property of HUF.
Karta has to then file last return of HUF alongwith copy of above deed
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