change of KARTA under HUF
Shikhar Khanna
(Querist) 07 October 2008
This query is : Resolved
My father passed away this year and he had a HUF property. As he has left no will, my legal advisor asked me to create a family membership certificate attested by the local court and executed by the Disctrict Magistrate of Kanpur so that I could operate the bank account of the HUF as the acting KARTA, me being the eldest male of the family. Please let me know if i need to posses any legal document to declare myself as the next KARTA for the same HUF account for any other legal matters like selling the HUF property. For eg. My father had invested some money into government bonds under the HUF account. How do i legally convey them that I am the new KARTA and how do i redeem the bonds after they are expired. Please let me know if the FAMILY MEMBERSHIP CERTIFICATE is enough to prove my identity as the new KARTA or i have to posses any other legal document for the same ?
Moreover i do not want to file for succession in court because my legal advisor advised me that it takes a lot of time and the expenses are huge. Please assist..
ARVIND JAIN
(Expert) 07 October 2008
follow advice of ur legal advisor.
Shikhar Khanna
(Querist) 07 October 2008
Thanks for your response. Sir incase I do not have a Sucession certificate, what leagal document can prove me as the legal heir and the next KARTA ?
J K Agrawal
(Expert) 08 October 2008
Change of status of second eldest person in family as KARTA on death of eldest member of the HUF is automatic. No separate declaration required by law. If one dies intestate leaving securities of deposits with any body bank govt post office etc he is require to obtain succession certificate as per provisions of Indian Succession Act 1925.
I think that succession act is applicable to bodies like HUF and it is applicable to persons only so no question arises of succession certificate. If I am correct, you only need a declaration from the Court for such a status of you and it will be sufficient everywhere it required.
ARVIND JAIN
(Expert) 08 October 2008
mr aggarwal is right.
