19 May 2011
If in a HUF, KARTHA has paid LIC premium on his son and son has also paid the LIC premium on his life but by way of different insurance policy. can the son claim 80C deduction on payment of premium on his life? and what will happen about KARTHA'S payment to LIC premium?
19 May 2011
The payment made by karta shall be eligible for deduction from HUF if it is paid out of the funds of HUF. In case of son paying his own premium, he will get the benefit u/s 80C in his own individual return.
CAclubindia
