Can a member of HUF give the initial capital to HUF when the bank account is opened for the first time on the name of HUF ? or only my grandfather can give that initial capital to HUF ?
In our case my Father(Karta) gave a cheque of 1lac from his bank accnt to HUF bank account. Now can we show that 1 lac as a gift from my Father to HUF for creation of HUF or shold we show it as a Loan(asset) in father's balance sheet and Loan(liability) in HUF balance sheet ?
CAclubindia
