HUF Demat and Trading Account - How to Open Demat Account Online

HUF Demat Account and HUF Trading Account Opening Online

HUF demat accounts come with certain tax exemptions and benefits which are not available for other demat accounts.

HUF demat accounts offer specific tax exemptions and benefits that are not available with other demat accounts.

What is a HUF?

HUF stands for Hindu Undivided Family. By forming a HUF, a family unit can pool assets and minimize taxes. The HUF is taxed separately from its individual members. It can be created by a Hindu family, as well as by Buddhists, Jains, or Sikhs. A HUF has its own PAN and files tax returns independently.

Required Documents for a HUF Demat Account:

PAN: For identity proof
Bank Statement: For address and bank account details
KARTA’s Documents: PAN, photograph, and Aadhaar (or any other address proof)
Coparcener’s Photographs: Photos of all members
Asset Ownership Proof: Additional essential documents confirming asset ownership

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Aadhar Card, PAN Card, Bank Proof (Cancelled Cheque ), Signature image. Please make sure your PAN card is already linked with Aadhar card

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Frequently Asked Questions ( FAQ’s)

Can a demat account be opened in the name of HUF?

A Hindu Undivided Family (HUF) is eligible to open both a demat and trading account and begin investing in the securities market.

Can we open a trading account for HUF?

Yes, a trading account can be registered under the name of an HUF.

How to open HUF Demat Account and Trading Account online?

SMIFS currently does not offer the option to open an HUF Demat and Trading Account online. This service is only available offline. To open an HUF Demat and Trading Account offline, you’ll need to provide the following documents:

Two passport-sized photographs
PAN card of the HUF
PAN card of the Karta
Address proof for the HUF (e.g., photocopy of a bank passbook or bank statement)
Address proof for the Karta (e.g., photocopy of a bank passbook, bank statement, driving license, passport, Aadhar card, voter ID, electricity bill, or residence telephone bill)
Bank account proof for the Karta (e.g., photocopy of a bank passbook, bank statement, and a cancelled cheque)
Proof of ID and address for all co-parceners/members (one copy for each)
HUF Deed or HUF & Co-parcener declaration on letterhead
List of co-parceners/members

All documents should be self-attested.

Who cannot open a HUF account?

An HUF account cannot be opened by a single person, as it must involve a family unit. An HUF (Hindu Undivided Family) is designed for Hindu families that combine their earnings rather than keep them separate. Since the income is collectively earned, distributing it among family members for tax purposes can be complex. The HUF structure facilitates this process.