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

What is a HUF?

HUF stands for Hindu Undivided Family. One can minimize taxes by forming a familial unit and pooling assets to form a HUF. The HUF is taxed independently from its members. A HUF can be formed by a Hindu family. A HUF can also be formed by Buddhists, Jains, or Sikhs. The HUF has its PAN and submits tax returns separately from its members

Documents necessary for HUF demat Account:

  1. PAN for Identity proof
  2. Bank Statement for Address as well as Bank Account details
  3. PAN, Photograph, and Aadhar ( or any other address document) of KARTA
  4. Photograph of all the Coparcener
  5. Other essential documentation proving asset ownership.

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    Frequently Asked Questions ( FAQ’s)

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

    Yes, a Hindu Undivided Family (HUF) can open a demat and a trading account and start investing in the securities market.

    Can we open a trading account for HUF?

    Yes, a trading account can be opened in the name of HUF.

    How to open HUF Demat Account and Trading Account online?

    SMIFS does not have any facility to open an HUF Demat Account and Trading Account online. Users can get this service offline only. The documents required to open an HUF Demat Account and Trading Account offline include:

    • Photo (2 copy)
    • PAN of HUF
    • PAN of Karta
    • Address proof of HUF(this includes the photocopy of bank passbook/bank statement)
    • Address proof of Karta (photocopy of bank passbook/bank statement/driving license/passport/Aadhar/Voter identity card/ electricity bill/ residence telephone bill)
    • Bank account proof of Karta (photocopy of bank passbook/bank statement and cancelled cheque)
    • Proof of ID and address of all co-parceners/members (1 copy for each co-parcener/member)
    • HUF DEED/HUF & Co-parcener declaration on letterhead
    • List of coparceners/members

    All the above-mentioned documents should be self-attested.

    Who cannot open a HUF account?

    A single person is not eligible to open a HUF account, as he/she alone cannot form an HUF. An HUF is formed by a family. HUF (Hindu Undivided Family) is designed for Hindu households that earn their money together rather than privately. Given that these families’ earnings are joint; it is difficult to divide it among family members for tax purposes. Thus HUF aids in this endeavour.

    Can I transfer my shares to HUF?

    Yes, you can transfer the shares from your demat account to your HUF’s demat account.

    What are the charges for HUF AMC?

    The charges for HUF AMC at Smifs is ₹ 300/-p.a. +18%.