Section 89

As regards shares belonging to a Hindu undivided family held by the karta of the family, having regard to the position of the karta and to the peculiar character of the interest which accrues to the coparceners in the joint estate it is not possible to postulate separate legal and beneficial interests in respect of such shares as between the karta and the other members of the family. Hence, the rules under reference do not apply. However, where the person who is in the position of karta happens to have any special relation with any person who is a member of the Hindu family in respect of shares not comprised in the family estate, section 187C and the rules thereunder will apply.

Read more at: https://www.caclubindia.com/forum/karta-of-huf-is-beneficial-owner-of-shares-or-not-385893.asp

As regards shares belonging to a Hindu undivided family held by the karta of the family, having regard to the position of the karta and to the peculiar character of the interest which accrues to the coparceners in the joint estate it is not possible to postulate separate legal and beneficial interests in respect of such shares as between the karta and the other members of the family. Hence, the rules under reference do not apply. However, where the person who is in the position of karta happens to have any special relation with any person who is a member of the Hindu family in respect of shares not comprised in the family estate, section 187C and the rules thereunder will apply.

Read more at: https://www.caclubindia.com/forum/karta-of-huf-is-beneficial-owner-of-shares-or-not-385893.asp