Demat Account for HUF

This query is : Resolved

Chhabilbhai Thakkar (Querist)
Follow

25 September 2021 I have HUF Savings Account since 1985, My HUF is consist of wife, and two sons. Being NRI
family now, Can I open Demat HUF account ? and transfer holdings from my NRI Demat accounts to the new proposed HUF Demat account?
Regards
Chhabilbhai

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

25 September 2021 Yes, you can but for what purpose? Transfer of shares in HUF name will be an additional procedure.

Chhabilbhai Thakkar

Chhabilbhai Thakkar (Querist)
Follow

01 October 2021 Thank you. Purpose is not to cover in my Indian and US will. I will make my SB savings account in to NRO ,saving accounts, and gift my shares to to NRO HUF and open new Demat account etc I will contact in person for your help. Thank you again.

Message likes : 1 times

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

01 October 2021 The reason being the transfer will not help in saving CG tax, whenever sold, because of clubbing provision.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok