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Goapl Garg (CEO)     14 December 2016

Huf survival

Sir, A HUF was formed with Husband and Wife only and the couple did not have any issue.The Husband has now expired.Can such HUF shall survive with only wife or it has to be closed down.The HUF has Bank Accounts,other assets also. How to deal with them ? Kindly advise.


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 4 Replies

Kumar Doab (FIN)     14 December 2016

Wife can act as Manager and deal with assets mentioned by you. 

Goapl Garg (CEO)     14 December 2016

If wife(widow and only surviving member ) can act as Manager then the HUF shall survive with single member? My Banker says that they would not change :Karta/Manager" and the HUF has to be closed down and I would require deceased Husband"s brobate/succession/court order/decree/Registered Family settlemnt among Legal Heirs. They say that they are facing such situation first time when Husband-Wife were two members of HUF and upon death of Husband...they do not know much but advise to close down/dissolve ? what to do? what is correct position?

Kumar Doab (FIN)     14 December 2016

Dear Mr. Garg,

As per your post bank has communicated;

"They say that they are facing such situation first time when Husband-Wife were two members of HUF and upon death of Husband...they do not know much"

 

It is believed that this is all verbal.

It is not clear if the wife would like to adopt or not!

 

Neverthless you may go thru:

https://www.lawyersclubindia.com/articles/Hindu-can-be-a-manager-of-a-joint-family-denoting-a-role-distinct-from-that-of-the-Karta-7476.asp?utm_source=article_mailer&utm_medium=email&utm_campaign=article_followup

 

and pick up relevant points.

The bank can obtain opinion from its legal cell.

 

 

 

 

 

 

 

Jai Karan Nagwan (consultant)     14 December 2016

HUF will not survive, there must be more than one member to constitute and survive the HUF. 

 


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