HUF Karta transition

Platforms Tax Planner
1

Hi,

My grandfather-in-law (80 year old) has an HUF account in which he is the Karta and his wife and daughter-in-law are the only other members (his son passed away last year). In case something were to happen to him, who can now become the Karta of this HUF? I want to be prepared for this eventuality in advance and take actions now in case this creates complications later. Can you please advice on who can become the Karta after him? Also, what sort of documentation would be required in advance for this?

2

Hi @VirajGada

In this case, you can take advice from a legal professional.

We will be able to help you with your tax-related queries.

3

@Shrutika_Shah
@Sakshi_Shah1
@Bharti_Vasvani

HUF is having business profession of share-market !

HUF is paying salary to the “Karta” ! and HUF is claiming it as business expenses in the books of accounts .

Query :

can HUF also pay : food bills , clothes bills , life insurance . Mediclaim insurance ; etc ;: of and for “KARTA” and claim as business expenses ?

4

Hi @HIREiN

You can only claim expenses that are wholly and exclusively incurred for the share market business.