Transferring ppf to huf account
Roshini Arya
(Querist) 04 February 2015
This query is : Resolved
Sir
My friend who is going through a divorce wants to close his PPF account of 15 years and transfer that money(from PPF) to the HUF account of his parents where his father is the karta.
He is doing so to avoid any legal complication.
However in the bank where the HUF account is operative his name is not present. Can he do so without getting into trouble with the IT dept.
Regards
Roshini
Devajyoti Barman
(Expert) 04 February 2015
Well, even if he does so, he can avoid the liability of maintenance of his wife and once that is done and is known to the the wife the whole HUF a/c will come under the scanner of the court for the purpose of any restraint order. It is not advisable to do so.
P. Venu
(Expert) 04 February 2015
Is the devorce petition pending in the Court?
Rajendra K Goyal
(Expert) 04 February 2015
Specify what type of legal complications he want to avoid?
ajay sethi
(Expert) 04 February 2015
consult a tax consultant in this regard
T. Kalaiselvan, Advocate
(Expert) 04 February 2015
This will be a risky move if the divorce case is pending where a maintenance case is on hold or likely to come up.
Dr J C Vashista
(Expert) 08 February 2015
@Roshini,
All income, expenditure, assets and liabilities of your friend shall be considered at the time of deciding quantum of maintenance, which shall include HUF for its assets/liabilities and income/ expenditure vis-a-vis share of your friend. The wife is entitled for maintenance as per standard of living of your friend.
It would be more appropriate to let the status quo be maintained and consult/engage a prudent local lawyer.
H.M.Patnaik
(Expert) 11 December 2016
agreed with Expert views posted above.
