The head of a HUF is called the Karta, he is the senior-most male member of the family.
Can wife become Karta of HUF?
In CIT vs Seth Govindram Sugar Mills [1966 AIR 24], the Supreme Court held that a widow cannot be regarded as the karta of her husband’s HUF. However, she can manage the HUF assets and can represent the same for tax assessment, if the coparceners are minors until the eldest coparcener attains majority.
Who are HUF members?
The senior-most male member is called the karta (manager), and a typical HUF consists of a karta, his sons, grandsons, and great-grandsons (all of whom are coparceners), and their wives and unmarried daughters (all of whom are members).
What if Karta of HUF dies?
When Karta of the HUF dies, the next senior male member takes over as Karta. If the senior most member gives up his right, a junior coparcener can become Karta of the HUF, with the consent of all other major co-parceners as held by Supreme Court in Narendra Kumar J. … This amendment gave them equal rights as the sons.
Can a person have 2 HUF account?
Thus, it is no longer possible to create multiple HUFs. However, this doesn’t mean that a family can not have more than one HUF. It is possible to have a separate HUF with father as the Karta and another HUF with his son or sons as Karta or even with daughters in view of the amendment made in the Hindu Succession Act.
Can female become a Karta?
Can a Woman be HUF Karta? Yes! Until January 2016, a woman could not be the HUF Karta. But in a landmark case, the Delhi High Court ruled in favour of a female being the Karta of a HUF.
Can husband and wife form HUF?
To create HUF, at least two coparceners are required either son or daughter. Therefore only husband and wife cannot create an HUF, unless the property has been received by a coparcener on partition or otherwise. However, there is no impediment to starting a new HUF by gift from family members.
Can we deposit cash in HUF account?
(3) My understanding about this issue is, you can deposit upto Rs. 300000 in to your HUF account and no tax liability will be there on HUF. (considering Rs. 200000 tax exemption limit and Rs.
What is TDS full name?
Tax Deducted at Source (TDS)
Can a married daughter be a member of HUF?
After marriage, a daughter will cease to be a member of her parental HUF, but will continue to be a coparcener. Thus, she is entitled to ask for partition of the HUF property, as well as to become the Karta of the HUF, in case she happens to be eldest coparcener of her father’s HUF.
Can HUF name be changed?
Further, a declaration from the members forming part of the HUF along with the death certificate of the old karta may be mandated by banks in order to give effect to the change of name of karta in the HUF’s bank account.