25 October 2014
Dear Sir, My friend's father died recently & has left some amount of FD with Banks, Now my question is whether my friend can transfer the same to his HUF, as he has taxable income in his individual capacity. What could be a better tax planning in this case. Thanks in advance.
26 October 2014
Individual; property of an individual is to be shared by only the individuals as per the right of property act but if there is a will of his father and in that will if the properties have been given to the HUF then only HUF can take the same for his HUF benefit. Do the planning, I am just giving hint.
CAclubindia
