Deduction available in huf
This query is : Resolved
09 August 2011
Hello Experts and CA's
I am an accountant in a private Ltd . I want your valuable advise. I have claimed a deduction of School Fees and PPF deposit limited to Rs100000/- u/s 80CC in case of HUF. The payment of both are done through HUF account. Is it right or wrong? If this deduction is not right then tell me the deductions I can avail under chapter VI in HUF . Whether the LIC Payment of Indivdual's name can be made through HUF account and it is a valid deduction?
Kindly advise and reply soon as it is urgent. I have to make a rectification u/s 154.
thanks and regards
sanjay
I am an accountant in a private Ltd . I want your valuable advise. I have claimed a deduction of School Fees and PPF deposit limited to Rs100000/- u/s 80CC in case of HUF. The payment of both are done through HUF account. Is it right or wrong? If this deduction is not right then tell me the deductions I can avail under chapter VI in HUF . Whether the LIC Payment of Indivdual's name can be made through HUF account and it is a valid deduction?
Kindly advise and reply soon as it is urgent. I have to make a rectification u/s 154.
thanks and regards
sanjay
CA PARAS BAFNA
(Expert)
09 August 2011
Section 80CC has been omitted w.e.f. 1-4-1993.
The correct Section is 80C for PPF.
For Tuition fee HUF will not get any deduction only indivduals are allowed in respect of any two children of such individual.
The correct Section is 80C for PPF.
For Tuition fee HUF will not get any deduction only indivduals are allowed in respect of any two children of such individual.
CA PARAS BAFNA
(Expert)
09 August 2011
LIC Premium paid on the life of any of the members can be claimed by an HUF as deduction U/s 80C.
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