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Q.

What is HUF account. Who can open it. How much money can be put into it annually & who can give that money.

Asked by AGAM KUMAR ARORA, 17 Sep '08 01:06 pm
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Answers (3)

1.

HI,

HUF stands for Hindu undivided family. The account can be opened in the name of the family (HUF)business. The business is a closely held business wherein only the family members (blood relations only males) are the members of the business.
The head of the HUF(generally the eldest member) is called the Karta.
For opening the account we need the address proof, proof of existence of HUf. Normally Karta and another member(who has the power of attorney) can open the account.

It is like a current account. Any one can deposit. No limit as to how much to put in annually.
Answered by Snehal, 17 Sep '08 01:12 pm

 
  
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2.

Why female family member can not be a account holder of huf a/c
Answered by BHARATI SUDRIK, 18 Dec '11 08:31 pm

 
  
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3.

Huf account can be opened in the name of the family business.Where only the family members can open it (male members). The karta will open an account & there is no limit to put annually , the karta will provide the money to their Co-parceners.
Answered by navneet, 08 Nov '10 05:40 pm

 
  
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