LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

nlr (na)     17 October 2024

Karta of huf' as partner in firm

Person X joined partnership firm and his name in the deed is X (karta of huf'). This is a registered partnership firm.

Later, he retired from the firm and certain assets of the firm were allotted to him.

He passed away and left a registered will that his share in the partnership shall go to child Y.

My question is.....whatever he received on retirement from the partnership firm, are those his individual assets that he bequeathed in his will?

Or whatever he received...are they assets of his huf?

 



Learning

 5 Replies

Dr. J C Vashista (Advocate )     18 October 2024

Same topic has already been posted and replied in earlier queries as may be observed from your profile, some of them are:

posted a new topic in forum Karta of huf' as partner in firm 

replied to a topic in forum Acquiring property from sister

posted a new topic in forum Acquiring property from sister 

replied to a topic in forum Selling property received by registered will, co owner consent 

replied to a topic in forum Selling property received by registered will, co owner consent 

posted a new topic in forum Selling property received by registered will, co owner consent 

posted a new topic in forum Cousin makes comments on my personal property 

replied to a topic in forum Registration of only half of property

replied to a topic in forum Registration of only half of property 

posted a new topic in forum Huf property and will of karta 

More ......

Read more at: https://www.lawyersclubindia.com/profile.asp?member_id=46397

If you are not satisfied with obligation of experts on this platform, which may be because of the fact that it is FREE OF COST, it is advisable to contact and consult a local prudent lawyer for appreciation of facts and professional guidance.

nlr (na)     18 October 2024

Sir, each were different questions. I have questions on various topics.

I did ask about huf property earlier but not about karta in a partnership firm and about assets received from the said firm  on his retirement and the status thereof 

Appreciate replies to my question. Thank you.

Real Soul.... (LEGAL)     18 October 2024

no need to reply repeated queries

T. Kalaiselvan, Advocate (Advocate)     19 October 2024

If he was a partner of the partnership firm in the capacity of a Karta of a HUF then whatever benefits he got from the partnership firm on his retirement shall belong to the HUF and cannot be treated as his own property, therefore the Will is invalid.

A person can bequeath any property through a Will only if he has a clear and marketable title to the property bequeathed. 

That person do not have clear title on his name being a Karta hence this Will may be invalid

Dr. J C Vashista (Advocate )     19 October 2024

Very well analysed, opined and advised by learned senior expert Mr. T Kalaiselvan, I fully agree.

Partnership and HUF are two different connotations.

Property received on retirement from partnership belonged to HUF (through its Karta) and in personal capacity of partner who is also a member of HUF.

The property owned by a person in his / her individual capacity can be bequeathed but not the property of HUF. 


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register