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 3 years 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.
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.
Huf can open as many accounts as an Individual.
There is no limit for opening the bank account. You may open more than one account