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Deduction u/s 80

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(Querist)
08 April 2015 Sir,

A HUF formed in the year 2015.

Can the Karta and other members of the HUF pay the LIC premium of their existing (old) policies from the HUF account and can claim dedcution u/s 80C in HUF file.

Please guide.
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CA Pankaj Kr Agrawal

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CA Pankaj Kr Agrawal (Expert)
08 April 2015 In my View.

Yes deduction of LIC (u/s 80C) can be claimed from HUF subject to payment should be made out from HUF's bank account.

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