Ask me anything about HUF and its taxation

AMA (Ask Me Anything)
124

Hi Sir. We recently created an HUF account < 2 private employee adults + 2 kids >

  1. Could you kindly guide how to get capital for HUF bank account, as salary is the only source of income to us.
  2. Which bank is suggested to have an HUF account, as the mobile number which we already have, may not be allowed to used for HUF bank account, as I believe 2 UPIs are not possible.
  3. Where to invest? And how to invest? For maximum wealth creation.
  4. If we do trading through HUF Dmat account, are we supposed to pay any STCG, if the income is below 2.5 L per annum.
  5. Is IT filing every year mandatory, even if theres no income or income which is exempted from taxes like 2.5 L/ annum.
125

  1. Same mobile no. can be used for HUF bank accounts. I opened my HUF bank account with Equitas Small Finance Bank using the same mobile number as in my individual bank account with Equitas bank.

  2. How to invest - for mutual funds, I filled the CAN registration forms by MFU and got it successfully opened in a week. For demat/trading - I went with Dhan. They require a different mobile number if you already have an account with them.

126

My wife inherited joint bank account of 25 lakh after her mother demise. She put that money in Fd now it’s around 30 lakh. She paid taxes on the FD and was not aware of HUF concept . Can we open HUF now ?and for how much money? and what proof we would need to income tax department that money should not be clubbed .