Respected Sir, there is Huf of Father (karta), Mother, Son and daughter in law made in 2004. Daughter in law expired in 2016. Now they are doing full partition of huf between Father, Mother and Son. They have only bank balance and bank fdr in name of HUF. 1. Whether any deed of partition on stamp of 500 is required to be made at the time of full partition of huf property which is only bank balances and bank fdrs only 2. Whether it will make any difference as the son has been married again one year back and having one son and daughter from previous marriage who are minor 3. whether surrender of pan card after filing the last return is necessary
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grandson and grand daughter being minor and not mention in the deed at the time of formation of huf in 2004 whether they will get any share or father (karta), mother and son will only get the complete share 33.33 percent each
1. Partition is also transfer of property as through which one can release or relinquish the share.
2. However if transfer of property is not with regard to immovable property like your case registered deed of partition is not mandatory.
3. So you can make a simple notarised deed of partition. A stamp of Rs.50 is enough for this.
4. Such deed requires only the members of huf only. If any one if them is dead then only requirement of their legal heirs signature is necessary.
son again got married after death of first wife. whether any share to be given to second wife . what about grand children who are below 18 years born from first wife.
1) HUF comes when they are family members. In case if you have mentioned in all transcations jointly name in each transaction and made all family income expenses combined and kept proper records of it then it is eligible. You can distribute the property equally to each member of family that is your son and daughter as minor and second wife.
Equal rights of members – The greatest disadvantage of opening an HUF is that its members have equal rights on the property. The common property cannot be sold without the concurrence of all the members. Any additions to the family, by way of birth or marriage, become a member of the HUF and get equal rights. An HUF can get too large to manage.
Hi,
The partition can be done mentioning the kids as well.
1. Partition is not necessary for movable property, they can dissolve the HUF, withdraw the amount from bank and get the amount distributed equally among themselves, reduce the same in writing, get it prepared in in triplicate, get them notarised, get it distributed with each one a copy of the same.
2. The legal heirs of the deceased are entitled to a legitimate share in the property belonging to the deceased owner/inheritor, hence the amount due to the minor children may be deposited in a bank, under the guardianship of the father, which can be availed by them after they become major by age.
3. Once the HUF is dissolved the PAN card will be nullified automatically.
grandson and grand daughter being minor and not mention in the deed at the time of formation of huf in 2004
whether they will get any share or
father (karta), mother and son will only get the complete share 33.33 percent each
Since their birth took place in the HUF, they automatically become member of the HUF, you may verify the status from your auditor.
If yes, they too shall be entitled for a legitimate share.
son again got married after death of first wife. whether any share to be given to second wife .
what about grand children who are below 18 years born from first wife.
The second wife shall become a member if her marriage was before dissolution of HUF.