Huf with pgbp
hello frds my client has property having 25% share Each for 4 members. Due to Tax saving, as my client has Higher Tax bracket of 30%, we wish to open HUF of our client in which ONLY BUSINESS income be Done and Rents are received under Individual File, Want to know
1) Can the sole proprietary Business be Transferred to HUF??
2) what other formalities to be followed ?
Replies (2)
Should i withdraw cash from current account(existing) & deposit in huf(new account) ?
Further can i draw a/c payee cheque to my suppliers ? Any restrictions?
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