HUF tax benefit for sale of Ancestral property
This query is : Resolved
05 June 2024
Mr. A has created HUF and opened bank account. He has got 10 Lakh cheque from Sale of Ancestral property in name of B ( Purchased by B Fater of A) . Can he deposit cheque in HUF bank account as proceeds of sale of Ancestral property ?
So that he will buy FD and Mutual fund from HUF account.
As an individual MR A is having interest income which is taxable in slab of 10 %
So that he will buy FD and Mutual fund from HUF account.
As an individual MR A is having interest income which is taxable in slab of 10 %
Dhirajlal Rambhia
(Expert)
05 June 2024
He cannot deposit cheque drawn in favor of Mr. B in His HUF account. Bank will not accept it.
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