(A declaration of a Hindu Undivided Family, naming its Karta, its Members and its opening funds, for a PAN and a bank account in its name)
THIS DEED AND DECLARATION is made at Chandigarh on 1 April 2026.
Gurpreet Singh, son of Harbans Singh, residing at X, PAN ABCPS1234K
(the "Karta"), acting for the HUF and, with their agreement, for the Members named in the Schedule at the end of this Deed (the "Members")
1. The family and the HUF
1.1 The Karta and the Members are members of one joint Hindu family. The Members live together as one family and share a common household.
1.2 The Karta and the Members declare the Hindu Undivided Family known as Gurcharan Singh HUF (the "HUF"), and record in this Deed its Karta, its Members and its opening funds, so that the HUF can apply for a PAN and open a bank account in its own name.
1.3 Background of the family: The family has held ancestral agricultural land at Ludhiana for three generations..
2. The Karta
2.1 The Members accept the Karta as the manager of the HUF. The Karta may act for the HUF in its dealings with the tax authorities and with banks, apply for a PAN in the name of the HUF, open and run a bank account in the name of the HUF, and sign the forms and declarations that those dealings need.
2.2 If the Karta dies or can no longer act, the adult Members will choose a new Karta in writing and tell the bank and the other offices concerned.
3. The Members
3.1 The Members are the persons named in the Schedule, with their relationship to the Karta and their ages. Each adult Member signs this Deed and agrees to it.
3.2 The Karta will keep the list of Members correct, and will record any change in a note signed by the Karta and kept with this Deed.
4. Opening funds
4.1 The opening funds of the HUF are ₹1,00,000 (Rupees One Lakh only). Source of the opening funds: ancestral or joint family property that the family already holds.
4.2 Details of the opening funds, including who gave them, when and how they were or will be paid in: Gift of Rs 1,00,000 from Mr Jaswant Singh (a family friend), received by bank transfer on 05 August 2026 and to be paid into the HUF account when it is opened..
4.3 The opening funds, and everything later added to the HUF or earned from its property, belong to the HUF and are held by the Karta for the family. They are not the Karta's personal money.
5. PAN and bank account
5.1 The Karta will apply for a PAN in the name of Gurcharan Singh HUF and will open a bank account in that name with State Bank of India, Sector 17, Chandigarh, and will pay the opening funds into it.
5.2 The HUF's money and property will be kept separate from the personal money and property of the Karta and the Members. The HUF's bank account will be used only for the HUF's money.