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Lic of Grandson of Karta Paid by Huf

Others 3544 views 9 replies

Deepak Kumar

Chartered Accoountant

270 Points Posted on 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.

Replies (9)

Sarbendra Das

Cost Accountant & CA Final student

52 Points Posted on 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.

Amir

Learner

4016 Points Posted on 30 January 2010

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

C.Balaji

Learner

1867 Points Posted on 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 Posted on 30 January 2010

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

Deepak Kumar

Chartered Accoountant

270 Points Posted on 30 January 2010

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

Amir

Learner

4016 Points Posted on 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 Posted on 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 Posted on 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????

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?