18 September 2009
Pls let me know whether a person who is an HUF asesse claim the tax benefit of Rs 1 lac in his file by paying his son`s LIC Premium ?If then u/s which section of the Act.The son is not a member in his father`s HUF file.Pls let me know as soon as possible. Thanks & regards
19 September 2009
Thanks for the reply sir. The son is not a member of his father`s huf file. The son is having his own independant huf file with his wife as a member. In this case can the father claim the lic benefit if he pays for his son. Kind Regards
19 September 2009
Basically the concept is going ahead on a wrong appreciation of law. HUF is a concept of HIndu customary law. Under the Hindu law son is a member of fathers HUF by birth & no amount of any other intervention can prevent him from being a member of the father's HUF. I am not sure whether it is legally correct for him to have his own HUF without demanding a partition of his father's HUF. Pls go through Hindu Succession Act for the procedure of demanding succession. Thus in the present case I am of the opinion that the son is a member of his father's HUF & the legal validity of his own HUF is questionable.
CAclubindia
