HUF tax benefit for sale of Ancestral property

This query is : Resolved

K.G.Shah

K.G.Shah (Querist)
Follow

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 %

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

05 June 2024 He cannot deposit cheque drawn in favor of Mr. B in His HUF account. Bank will not accept it.

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

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Prashant Kotecha

Akhilesh Chandra

Vasudevan Santhanam

CA Saurabh Jadhav

shobi H

Subscribe Now

HUF tax benefit for sale of Ancestral property

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Manager- Finance and Compliance

GST CONSULTANCY

GST CONSULTANT

Accountant

Senior Executive

CA Final