Ceation of HUF
4 months ago
My father expired recently. I want to know if HUF Account can be opened with my mother and brother. If yes can proceeds from my father FD' PPF be transferred to the HUF account so that tax liability on my mother reduces.
A.Dear Client,
In the context of Hindu Undivided Family (HUF), it's typically formed by a family where the members are lineal descendants and share a common ancestor. If your family qualifies as an HUF, you can open an HUF account with your mother and brother. However, the possibility of transferring proceeds from your father's FD and PPF to the HUF account might depend on the specific terms and conditions of these financial instruments and the financial institution's policies. It's advisable to consult with a financial advisor or tax consultant who can provide personalized guidance based on your family's situation and the applicable tax laws. They can help assess the tax implications and guide you on the most effective way to manage your family's financial affairs, considering the recent loss of your father.
In the context of Hindu Undivided Family (HUF), it's typically formed by a family where the members are lineal descendants and share a common ancestor. If your family qualifies as an HUF, you can open an HUF account with your mother and brother. However, the possibility of transferring proceeds from your father's FD and PPF to the HUF account might depend on the specific terms and conditions of these financial instruments and the financial institution's policies. It's advisable to consult with a financial advisor or tax consultant who can provide personalized guidance based on your family's situation and the applicable tax laws. They can help assess the tax implications and guide you on the most effective way to manage your family's financial affairs, considering the recent loss of your father.
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