HUF Account rules HUF account rules, An HUF account refers to a bank account that is specifically opened and operated in the name of a HUF. Hindu Undivided Family accounts are used to manage the financial transactions and funds of the HUF entity. Here are some key points regarding HUF accounts: HUF account rules Purpose:… Read More »
HUF income tax Account Opening: The Karta of the HUF, who is the head of the family, can open a bank account in the name of the HUF. The account can be open in any authorized bank or financial institution. HUF income tax Separate Entity: The HUF account is treat as a… Read More »
Can HUF Claim 80C Deduction In India, the Income Tax Act provides various avenues for taxpayers to claim deductions and reduce their taxable income. One of the most popular sections under which deductions are claimed is Section 80C. This section allows individuals and Hindu Undivided Families (HUFs) to claim deductions for investments and expenses, up… Read More »
Funds Taxability from Indian parents for NRI Funds taxability from Indian parents for NRI, As per the income tax rules in India, individuals residing abroad can receive money from their parents living in India without being liable for taxes, given certain conditions are met. Under the provisions of the Income Tax Act, 1961, gifts received… Read More »
