How to open an HUF account

This query is : Resolved

Querist : Anonymous

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?

CA. O.P. Agarwalla

CA. O.P. Agarwalla (Expert)
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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.

Querist : Anonymous

Querist : Anonymous (Querist)

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

CA Ashok Kumar Sahu

CA Ashok Kumar Sahu (Expert)
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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

CA. O.P. Agarwalla

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

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