What do u mean by Revised HUF Declaration?
From: gagan singhal <gagansinghalcs@yahoo.co.in>
To: Dipak Shah <djshah1944@yahoo.com>
Sent: Thursday, 22 November 2012 12:08 AM
Subject: Re: [CharteredSecretaries] Procedure for change of Karta of HUF
Dear Sir, Thanks a lot for giving me such fruitfull suggestion. but may you provide me revised HUF declaration in this regard. I will be highly obliged to you. Thanks CS Gagan Singhal
With regards, CS GAGAN SINGHAL 
M.Com., LL.B., ACS, MBA
Company Secretary ATLAS CYCLES (HARYANA) LIMITED
Mob. 9927359777, 9541061586
--- On Wed, 21/11/12, Dipak Shah <djshah1944@yahoo.com> wrote:
From: Dipak Shah <djshah1944@yahoo.com>
Subject: Re: [CharteredSecretaries] Procedure for change of Karta of HUF
To: "CharteredSecretaries@yahoogroups.co.in" <CharteredSecretaries@yahoogroups.co.in>
Cc: "gagansinghalcs@yahoo.co.in" <gagansinghalcs@yahoo.co.in>
Date: Wednesday, 21 November, 2012, 7:40 PM
Next Elder in family would be Karta of HUF. Explain fully Members of H U F. C A Shah D J USA
8. Death of karta in a HUF account
In case of receipt of notice of death of the karta of a HUF account, the operations in the account are immediately blocked. The Bank should seek a confirmation from the existing members on whether they will be continuing with the HUF. In case they are, then a revised HUF declaration signed by the remaining co-parceners appointing the karta should be obtained. In case not, then the relevant documents relating to partition of the property should be obtained before allowing the co-parceners to withdraw the funds.
Notwithstanding the above, a few general comments are given below:
• No other person has any claim to the credit balance unless it can be proved that the balance represents trust money to which the claimant is entitled or that in the matter of that account the deceased customer was really an agent of his principal the claimant.
• Satisfactory evidence consists of probate or letter of administration or succession certificate under Section 370 of the Indian Succession Act 1925 along with a certified true copy of the death certificate.
• Succession certificate/letter of administration is not necessary for amounts upto Rs. 100,000.
• Where a deceased has died leaving a Will and naming executors, a Probate is required to be obtained for amounts exceeding Rs. 100,000.
• Where a deceased has died intestate or has left a will without naming Executors, letter of administration is required to be obtained for amounts exceeding Rs. 100,000.
• In case of joint account holders and all account holders have died heirs of each of the joint account holders should produce legal representation in terms at probate letter of administration succession certificate for amounts exceeding Rs. 100,000.
• Disposal to legal heir does not apply in case of Nomination. If the account holders has nominated any person such nominee becomes entitled to all the rights of the depositor on the death of the depositor to the exclusion of all other persons. Payment by the bank to the nominee constitutes a discharge to the bank See 45ZA of the Banking Regulation Act.
• In case of Term Deposits, the nominee / person eligible to claim the funds (as per above) may either (1) hold the term deposits till maturity and withdraw post maturity including interest or (2) premature the deposit without penal interest and withdraw the proceeds including applicable interest.
Bank should settle the claims in respect of deceased depositors and release payments to survivor(s) / nominee in case of accounts with survivor / nominee within a period not exceeding 15 days from the date of receipt of the claim subject to the production of proof of death of the depositor and suitable identification of the claimant(s) to the Bank's satisfaction. In the case of accounts without survivor / nominee clause the claim should be settled within 1 month from the date on which the requisite documents have been submitted.
From: gagan singhal <gagansinghalcs@yahoo.co.in>
To: CharteredSecretaries@yahoogroups.co.in
Sent: Wednesday, 21 November 2012 4:41 AM
Subject: [CharteredSecretaries] Procedure for change of Karta of HUF
| Dear All, Can anyone provide me the procedure for change of Karta of HUF or any declaration form in case of death of previous Karta of HUF. Your co-operation will be highly appreciable.
With regards, CS GAGAN SINGHAL
M.Com., LL.B., ACS, MBA
Company Secretary ATLAS CYCLES (HARYANA) LIMITED
Mob. 9927359777, 9541061586
|
|
__._,_.___
No comments:
Post a Comment