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How to open an HUF account

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Querist : Anonymous

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Querist : Anonymous (Querist)
16 April 2010 One of my clients is a senior citizens. Could anyone kindly let me know what is the procedure for openingan HUF account in the bank?
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CA. O.P. Agarwalla

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CA. O.P. Agarwalla (Expert)
16 April 2010 I don't think that there is any seprate procedure for opening bank a.c in the name of your HUF.

You can very even open Savings Bank Account. I think you will have to submit the PAN card copy of the HUF, address proof and identity proof of the karta.
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Querist : Anonymous

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Querist : Anonymous (Querist)
16 April 2010 do we get any additional advantages when opening an account in HUF name? Any tax benefits?



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CA Ashok Kumar Sahu

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CA Ashok Kumar Sahu (Expert)
17 April 2010 you can not get any additional advantages only when opening an account in HUF name.

no tax benefits, only you prove the transaction
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CA. O.P. Agarwalla

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CA. O.P. Agarwalla (Expert)
17 April 2010 HUF is separate taxable entity.

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