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Lic of Grandson of Karta Paid by Huf

Deepak Kumar (Chartered Accoountant) (270 Points)

30 January 2010

Lic Of Grandson of Karta has been paid by Huf. Can Huf claim this premium u/s 80C. Grandson's Father already has his seprate huf.

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9 Replies

Sarbendra Das (Cost Accountant & CA Final student) (52 Points)
Replied 30 January 2010

If a HUF paid LIC premium of any member of its family then the premium is eligible for deduction U/S 80C. So in this case HUF will get the Deduction.

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Amir (Learner) (4016 Points)
Replied 30 January 2010

Dear Ajay, If Grandson is a member of HUF, then Yes payment is eligible for deduction

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C.Balaji (Learner) (1867 Points)
Replied 30 January 2010

Agree with Mr.Amir

If Grand son is a member - Huf can avail the deduction u/s 80C

Deepak Kumar (Chartered Accoountant) (270 Points)
Replied 30 January 2010

will grandson be a member of his grandpa huf or his father huf or both

Deepak Kumar (Chartered Accoountant) (270 Points)
Replied 30 January 2010

will grandson be a member of his grandpa huf or his father huf or both

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Amir (Learner) (4016 Points)
Replied 30 January 2010

Dear Ajay, As long as Partition is not there, I think Grandson will be a member of both HUF's Let's see what other;s reply.

Yash Sharma (CA - FINAL) (138 Points)
Replied 30 January 2010

i agree with amir , till partition grand son will be member of both huf. according to me deduction should be given to father's huf, if paid by father .

C.Balaji (Learner) (1867 Points)
Replied 30 January 2010

agree with Mr. Amir...

but I have a query regarding this....

i heard from one of my friends that HUF can be formed with 3 generations in existence.... i want to know about this....

If that was right, how can father form a HUF????

Mukhraj Choudhary (2 Points)
Replied 14 February 2021

My father has HUF file and i also have HUF file. I am depositing in my daughter PPF for 80c benefit through HUF.
Can my father deposit in PPF of my son (i.e.My father’s grand son) for 80C benefit through his HUF?