05 June 2024
Mr. A has created HUF and opened bank account. He has got 10 Lakh cheque from Sale of Ancestral property in name of B ( Purchased by B Fater of A) . Can he deposit cheque in HUF bank account as proceeds of sale of Ancestral property ? So that he will buy FD and Mutual fund from HUF account. As an individual MR A is having interest income which is taxable in slab of 10 %
CAclubindia
