Suppose My Family has below PAN Cards:
1) My Father's HUF Account
2) My Father's Individual Account
3) My Mother's Individual Account
4) My Brother's HUF Account
5) My Brother's Individual Account
6) My Sister In Law's Individual Account
7) My HUF Account
8) My Individual Account
9) My Wife's Individual Account
In this case suppose there is a corpus of about 10 lacs in my Dad's Individual account.
Can my Dad transfer these funds to his HUF account and then from there transfer these funds to each of the above mentioned accounts and trade till the income reached the higher tax level in each of these accounts?
Should we pay a nominal Interest to my Dad's HUF account when he transfers funds to my Sister in law's account or my Wife's account so that the transaction is complete and valid in accounting/taxation terms?
Thanks for the help in advance