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Benefits of ICICI Bank HUF Account

  • Seamless Account opening

  • View HUF and Savings Accounts together on iMobile & Net Banking

  • Link with Family Banking for consideration of programme eligibility criteria

  • Integrated with Demat and Trading accounts

Benefits of HUF Savings Account

  • Separate Taxpayer

    Hindu Undivided Family is treated as an independent taxpayer

  • Tax Deductions

    Deductions can be claimed under Section 80C, 80D, 80G and other applicable provisions of Income Tax Act, 1961 (the Act)

  • Collective Wealth management

    Family members can pool resources for collective management and better investment planning

  • Exemptions for HUF Property Income

    Income from inherited ancestral property is exempt under Section 10(2) of the Act

  • Exemption for Gifts

    Exemption of taxes for gifts received by HUF from members

  • Succession

    HUF enjoys perpetual succession even after death of Karta

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FAQs

What is HUF Bank Account?

An HUF Bank Account is a Savings or Current Account opened in the name of the HUF, managed by the Karta (head of the family).

How is an HUF created?

An HUF is automatically created at the time of marriage for Hindus. To be legally recognised, a deed is drafted declaring the HUF's formation and listing its members.

How many people are required to constitute an HUF?

The Karta along with a coparcener* or a member are required to form an HUF (minimum 2 people).

*Coparcener is a term for a person who has the right to inherit ancestral property by birth in a Hindu Undivided Family.

Who is the Karta of an HUF?

The Karta is the eldest male member of the family who manages the HUF's affairs. If no male member is available, the eldest female member can become the Karta. Additionally, married daughter and minor can also be Karta.

Can an HUF invest in financial instruments?

Yes, an HUF can invest in Mutual Funds, Stocks, Fixed Deposits and other financial instruments.

Can an HUF take a loan?

Yes, an HUF can apply for loans and credit facilities using its collective assets and income.

Can an HUF pay remuneration to its members for services rendered?

Yes, an HUF can pay remuneration to its members for services provided, such as managing the business etc.

What are the tax benefits of an HUF?

An HUF is taxed as a separate entity, benefiting from its own tax slabs, exemptions and deductions under sections 80C and 80D.

What is the tax exemption limit for gifts received by an HUF?

Gifts received from non-relatives are exempt from tax, subject to certain limits. If the value exceeds this limit, the entire amount is taxable.

Is a cheque book issued after opening an HUF Savings Account?

Yes, a cheque book is issued in the name of the HUF.

Is a Debit Card issued on opening an HUF Savings Account?

Yes, a Debit Card is issued in the name of the Karta after opening the HUF Savings Account.

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