• HUF account - sending money

I am having HUF bank account with myself as karta,my wife and son as members.I am having some Fixed Deposits in the name of my HUF.Now,I want to cancel these fixed deposits and send funds to my son who is residing abroad in USA and an NRI.Can I send funds to my son directly from my HUF acoount or should I transfer funds to SB account in my individual name and send from that account?Which is the correct method to transfer funds to my son without any objection from income tax department?What is the exact method to transfer funds from HUF account?
Asked 30 days ago in Income Tax

- On the basis of limited information, remit the amount from Individual SB account. The remittance from Individual account will be under LRS.

 

For detailed discussion, you may opt for phone consultation.

 

 

Vivek Kumar Arora
CA, Delhi
4243 Answers
408 Consultations

5.0 on 5.0

This fund will be the money of all members in HUF.

So it's better to take it in equal share in each members accounts and then transfer.

 

Hope you find the information helpful, if yes do rate if 5 and provide your valuable feedback for my improvement.

Thank you.

Naman Maloo
CA, Jaipur
3893 Answers
52 Consultations

5.0 on 5.0

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