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Lic investment
Hello friends
can karta of HUF invest in lic of the members (Independant sons) ? will he get deduction under 80C?
Age of Karta is 72 years
son of karta age is 45 years
Son is not dependant on his father
Please guide
Replies (3)
If investment is made out of funds of HUF , then HUF can claim deduction u/s 80C as HUF can claim deduction if it makes payment of life insurance premium on the life of its members. Here age of karta or members is not relevant.
Agree with ruchi
To claim this tax deduction under section 80C the HUF can take out Life Insurance Policies in the name of its members and make payment of the premium which will enable the HUF to claim tax deduction as per section 80C.
thanks ruchi mam & vishal sir for replying
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