Tarun Kumar (Business) 27 August 2024

Wrongly transferred to huf dormant account ?

I have wrongly transferred Rs 4 lacs to my late Father's HUF Dormant account instead of mine HUF account through internet banking. Both accounts are in the same branch of Federal Bank. I have submitted consent letter from Karta of this Dormant HUF account for reversing this transaction to me along with his pan card, aadhaar card and HUF pan card but bank is insisting on activating this HUF dormant account which is difficult as there are 9 coparcener in this Dormant HUF account who are living in 3 countries and 6 different cities.

Please advise what are my options to get this money back into my account from this Dormant HUF account ?

Reply Follow

3 Replies

P. Venu (Advocate) 27 August 2024

More than the law, this is an issue of procedure.

1 Like

Shashi Dhara 27 August 2024

Take gpa from other coparceners and submit to bank.

1 Like

T. Kalaiselvan, Advocate (Advocate) 28 August 2024

Is there any rule that all the members of the HUF need to give consent to bank directly to activate the dormant account, whether the application singed and submitted by the Karta is not enough?

Since HUF is not a real person and cannot sign on its own behalf, a rubber stamp with Karta’s signature in the applciaiton form to activate the dormant account will be sufficient, you can inform the bank in this regard and ask the karta to submit an application to activate the dormant account after which he can transfer the amount which was wrongly remitted to his HUF by you.

1 Like