I have a HUF PAN. I closed my HUF savings bank account few years ago. At that time, my son and daughter who are part of the HUF, were NRIs. Now they are US citizens, but have PIO card; I want to reopen my HUF bank account. Is this allowed?
Secondly, can I transform some money from my s/b account to HUF to build up the fund? Will this be considered as clubbing from income tax angle? This money is basically from my (jointly owned with my wife) house , I sold three years back, which in any case will he inherited by my son and daughter. I am filing taxes regularly. I am retired person with no other income, except interest from bank Fixed Deposits.
CAclubindia
