Huf queries

Hi. 

 

I have an annual income more 10 lacs from salary and till date savings of Rs. 25 lacs which earns an interest of 1.5 lacs annually through fixed deposits. However because the tax slab applicable for me is 30%, I end up paying tax of 45 thousand every year on my income from FD. We are a Hindu family and eligible to open an HUF account. I also understand that if I open an HUF account and show the FD income in that account my tax liability will reduce. 

 

However I have the following queries: 

 

1. Do I need to transfer the saving of 25 lacs in the HUF account (created on the new HUF PAN card) ? Or can i only take the interest income is HUF bank account without moving my savings to HUF account? 

You may choose not to answer this one as I can find it out from the bank. But if you have any idea please share your thoughts.

 

2. In case If I transfer my savings to HUF account as gift, can I take it back from HUF account to my personal savings account (may be to buy a property or such a big expense) without paying any tax? Or will it be considered as income in my personal bank account and I will be liable to pay tax for such a transfer from huf to personal account?

 

Any help on this is appreciated. Thank you in advance.