Demat Account for HUF

This query is : Resolved

Chhabilbhai Thakkar (Querist)
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25 September 2021 I have HUF Savings Account since 1985, My HUF is consist of wife, and two sons. Being NRI
family now, Can I open Demat HUF account ? and transfer holdings from my NRI Demat accounts to the new proposed HUF Demat account?
Regards
Chhabilbhai

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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25 September 2021 Yes, you can but for what purpose? Transfer of shares in HUF name will be an additional procedure.

Chhabilbhai Thakkar

Chhabilbhai Thakkar (Querist)
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01 October 2021 Thank you. Purpose is not to cover in my Indian and US will. I will make my SB savings account in to NRO ,saving accounts, and gift my shares to to NRO HUF and open new Demat account etc I will contact in person for your help. Thank you again.

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Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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01 October 2021 The reason being the transfer will not help in saving CG tax, whenever sold, because of clubbing provision.