U S Sharma (email@example.com) 08 October 2015
|Originally posted by : Harikrishna|
|There is some fund in my savings bank account which is earned by my deceased father by sale of his father's land. However, he did not create any HUF or any HUF bank account and transferred it to my account and gave it as loan to his friend. Since he was managing those transactions, I did not bother. However, now my father has expired 3 years back and his friend has transferred back the money into my savings account saying he wanted to close some transactions. Since I did not show that in my income as it was not my personal income, I am looking to get HUF pan and open a HUF bank account and transfer it to that account. Are there any steps I should take for doing this or a simple transferring money to this account is enough? Please suggest. And also since my dad did not open any HUF and now no more, I will have to open new HUF on my name. Is there any other way to build a strong case for supporting this transaction.|
The transaction was three+ years old, and your dad has done it through your a/c, means your account has reflected the same in that year, a notional interest was also accured and paid by the borrower, treat the same as GIFT from father, its neither taxable nor have any trouble to you in future.
opening an HUF is your own wish, it does not relate to your dad's money, if you are married then you can opt for it, but before hand get in touch with your CA, as HUF has some obligations to fulfill