My father passed away 50 years ago. Can I still open an HUF account in the name of my Father?
After the death of your father, his HUF can be continued and you could be the Karta provided you are his elder child.
Section 6 of the Hindu Succession Act, 1956, as amended by the Hindu Succession (Amendment) Act, 2005, states that a coparcener is entitled to bequeath his share in a joint Hindu family property by testamentary disposition (by executing a will) or intestate succession. Thus, your father can bequeath only his share in the joint Hindu family property and not the entire property of the HUF, as the entire property doesn’t belong to him and he is entitled to only a particular share in the said property.
He can bequeath his share in the joint Hindu family property to any person of his choice by executing a will—to you and/or to his grandsons and/or to his great grandsons to the exclusion of your sisters if he so desires. In the event that he does not execute any will, the property will devolve as per the rules of intestate succession applicable to Hindus under the Hindu Succession Act, 1956—his share in the joint Hindu family property shall devolve upon his Class I heirs (being his wife and all his children, including his daughters).
- Duly filled Trading/Trading & Demat/Commodity form with photograph of Karta affixed and signed across.[(T),(T+D),(C)]
- PAN Card copy of the HUF.[(T),(T+D),(C)]
- Bank Passbook/Bank Statement of HUF indicating its existence.[(T),(T+D),(C)]
- PAN Card copy & Address Proof of Karta.[(T),(T+D),(C)]
- Declaration to be given by Karta & all major co parceners of the HUF – Annexure 1C (For Equity Account) and Annexure 2C (For Commodity Account). [(T),(T+D),(C)]
- HUF Declaration for Demat account.[(T+D)]
Apart from the above we need to take a succession certificate and need to have new HUF deed. You will also need to apply for a new pan on your name as Karta.