Following planning possible in huf or not ?
This query is : Resolved
08 September 2012
i want to form a HUF.
in my individual return i am claiming 100000 deduction u/s. 80C.
My Question :
if i pay Rs.100000/- as my life insurance premium from HUF account then will HUF get deduction u/s. 80C Rs.100000/- ?
in my individual return i am claiming 100000 deduction u/s. 80C.
My Question :
if i pay Rs.100000/- as my life insurance premium from HUF account then will HUF get deduction u/s. 80C Rs.100000/- ?
08 September 2012
Yes it is possible.
Message likes :
1 times
09 September 2012
Yes it is possible
07 October 2021
HUF should be policy holder, to claim the deduction.
08 October 2021
80C (2) says (2) The sums referred to in sub-section (1) shall be any sums paid or deposited in the previous year by the assessee—
(i) to effect or to keep in force an insurance on the life of persons specified in sub-section (4);
subsection 4
(4) The persons referred to in sub-section (2) shall be the following, namely:—
(a) for the purposes of clauses (i), (v), (x) and (xi) of that sub-section,—
(i) in the case of an individual, the individual, the wife or husband and any child of such individual, and
(ii) in the case of a Hindu undivided family, any member thereof;
So in case of HUF premium paid for any member possible to claim deduction.
(i) to effect or to keep in force an insurance on the life of persons specified in sub-section (4);
subsection 4
(4) The persons referred to in sub-section (2) shall be the following, namely:—
(a) for the purposes of clauses (i), (v), (x) and (xi) of that sub-section,—
(i) in the case of an individual, the individual, the wife or husband and any child of such individual, and
(ii) in the case of a Hindu undivided family, any member thereof;
So in case of HUF premium paid for any member possible to claim deduction.
08 October 2021
Yes agreed.
The difference was already marked in the query.... i.e. " ......premium paid through HUF account...." itself implies the policy holder is HUF....
The difference was already marked in the query.... i.e. " ......premium paid through HUF account...." itself implies the policy holder is HUF....
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- GST on export of services and Input Credit
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- GST ON EXPORT COMMISSION
- Import license renewal
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
