Can HUF open more than one bank account

Please suggest on the following:

Can HUF open more than one Bank account
If no, then can HUF transfer account from one Bank to another Bank for convenience of operations
Asked 1 year ago in Income Tax from Lucknow, Uttar Pradesh
Yes you can open more than one account for HUF account and have transactions and transfer for convinience purpose.
Shyam Sunder Modani
CA, Hyderabad
955 Answers
4.9 on 5.0
  Talk to Shyam Sunder Modani
HUF like any other company or individual or partnership is a seperate legal entity. Open as many accounts as you wish to in the name of HUF. There are no tax implications. You are only required to declare all the bank accounts at the time of filing returns.
Shashank Surana
CA, Chennai
60 Answers
4.3 on 5.0
  Talk to Shashank Surana
Huf can open as many accounts as an Individual.

yes.
Vijay N. Kale
CA, Hyderabad
248 Answers
4.9 on 5.0
  Talk to Vijay N. Kale
There is no limit for opening the bank account.  You may open more than one account 
Shyam Sunder Agarwal
CA, Bikaner
4 Answers
Not rated
  Talk to Shyam Sunder Agarwal

Ask a Question

Get tax advice from top-rated chartered accountants. It's quick, easy, and anonymous!
Ask a question

Other questions asked by this user

Other Questions

Chartered Accountants

Abhishek Dugar
CA, Mumbai
766 Answers
5.0 on 5.0
Shyam Sunder Modani
CA, Hyderabad
955 Answers
4.9 on 5.0
Rohit R Sharma
CA, Mumbai
719 Answers
5.0 on 5.0
Vishakha Agarwal
CA, Bangalore
213 Answers
5.0 on 5.0
Shiv Kumar Agarwal
CA, Delhi
197 Answers
5.0 on 5.0
Lalit Bansal
CA, New Delhi
75 Answers
5.0 on 5.0
Vishrut Rajesh Shah
CA, Ahmedabad
194 Answers
4.9 on 5.0
B Vijaya Kumar
CA, Hyderabad
290 Answers
5.0 on 5.0
Ria Nagpal
CA, Ahmedabad
28 Answers
5.0 on 5.0
Bhagyashree Kankaria
CA, Pune
26 Answers
5.0 on 5.0