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.
Talk to Shyam Sunder Modani
5.0 on 5.0
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.
Talk to Shashank Surana
4.3 on 5.0
Huf can open as many accounts as an Individual.
Talk to Vijay N. Kale
4.9 on 5.0
There is no limit for opening the bank account. You may open more than one account
Talk to Shyam Sunder Agarwal