Huf accounts

Asha (Querist) 15 January 2012 This query is : Resolved
In a Bank Account opened by a HUF, can the major co-parcerners be allowed to operate the account in addition to KARTA of HUF.

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Raj Kumar Makkad (Expert) 15 January 2012
It is the mutual understanding of HUF, however, Karta is generally allowed to do so.

Shonee Kapoor (Expert) 15 January 2012
Rightly said, only when Karta is not available and based on mutual understanding other can operatye it.

Regards,

Shonee Kapoor
harassed.by.498a@gmail.com

M/s. Y-not legal services (Expert) 16 January 2012
what you mean for "operate the account"

any one can deposit the money..

any one can withdraw money through atm card..

only one problem is issue cheque/issue withdraw slip. surely its can do by the account holder only.,

if its huf also there should be a account holder. whole family can not be as "account holder" otherwise whole family should be come to every transaction..

-tom-

Deepak Nair (Expert) 16 January 2012
Again an academic querry.

Rightly advised by Tom.

Sailesh Kumar Shah (Expert) 16 January 2012
can the major co-parcerners be allowed to operate the account in addition to KARTA of HUF.

Answer: Yes, It is totally depend upon mutual understanding. There is no such type restriction in law.

R.Ramachandran (Expert) 16 January 2012
But for any wrong done by the other person, only the KARTA will be responsible. Therefore, the KARTA has to think several times before authorising anybody else to operate the HUF account besides himself.

Deepak Nair (Expert) 16 January 2012
Nicely commentd by Mr.Ramachandran in the end

prabhakar singh (Expert) 16 January 2012
agree with Mr.R.Ramachandran

RAJU O.F., (Expert) 16 January 2012
Such a decision has to be taken jointly by all the coparceners.

Asha (Querist) 17 January 2012
I mean in a HUF account maintained in Bank, can major co-parceners along with the Karta be allowed to draw cheques or withdraw money.

V R SHROFF (Expert) 17 January 2012
agree with Mr.R.Ramachandran Welcome Ashaji, to LCI. The A/c opener , Karta of HUF must instruct the Bank accordingly, authorizing concerned person to operate the Account.

DEFENSE ADVOCATE.-firmaction@g (Expert) 17 January 2012
HUF concept is not known to most of the bankers and hence they allow only karta to operate.

Advocate. Arunagiri (Expert) 17 January 2012
The bank will allow the such persons to operate the bank account, as per the instructions given by the instruction of the karta.

Advocate. Arunagiri (Expert) 17 January 2012
Mr.Tom,

If any person is Depositing money, taking money in ATM are not called as operating the account.

If some other person is doing the same it is deemed that it is done in the name of the account holder, who is authorized to operate.

M/s. Y-not legal services (Expert) 17 January 2012
already i mentioned your high lighted point arunagiri sir..

-tom-

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