HUF'S ISSUE

ITR 827 views 3 replies

NARENDRA

ACCOUNTS MANAGER

2213 Points Joined December 2012

What if Karta died ??Can successors run the same huf with the same name, by only signatory name change.

Actually, my client's father died around 10-12 years ago , but my client still runs this huf, actually there have not been so many transactions but in the last F.Y. there is an Income Tax refund but he lost that HUF pan card & even kyc is also pending in Banks so the refund is still pending. Even not making yet Aadhar card of the karta, Without aadhar NSDL also can't help to reprint of Pan Card. What to do ??

Replies (3)

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

211454 Points Joined July 2016

Hindu Undivided Family (HUF) continues even after the death of the Karta. The eldest coparcener (male or female) automatically becomes the new Karta. The HUF name remains the same; only the signatory for bank accounts, PAN, and filings needs to be updated.

PAN Update:
- - Inform the Income Tax Department of the change in Karta.; by submitting new HUF deed. Submit death certificate of the deceased Karta.

File an application with banks and IT department to update Karta details.

Keep documentation ready: death certificate, affidavit of coparceners, proof of new Karta.

Update signatory to the new Karta.