i have an huf demat account, my huf is consisting of my wife, married daughter one, and one unmarried daughter in the event of my death who will be karta. my huf came after partition of ancestral huf
A V Vishal (Advocate) 31 May 2009
Yes, a female can become a karta, but only when the male members are minors or are not in a position to manage the affairs and give a declaration to that effect and seek the permission of the Department to allow the female to manage. Champa Kumari Singhi v Revenue (1962) 46ITR81 (Cal).
Moreover, when an existing HUF is reduced to only female members, it can still continue as an HUF with one of the females as a karta. This is in view of the existence of the potential coparcenary as any widow may, in future, induct a coparcener into the family by adoption. CIT v RM AR AR Veerappa Chettiar (’70) 76ITR467 (SC).
akhil (retired govt officer) 31 May 2009
i am not clear i want to know that in my huf i have my wife and two daughters elder is married who will be the karta i also want to avoid any legal harrasment subsequently so please tell me who will operate my accounts in the bank
A V Vishal (Advocate) 31 May 2009
Dear Mr Akhil,
You can nominate your wife to operate the account after your death. Alternately you can also write a will expressing your desire how your wealth should be distributed.