Following planning possible in huf or not ?

This query is : Resolved

CA Abhishek Singh (Querist)
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08 September 2012 i want to form a HUF.

in my individual return i am claiming 100000 deduction u/s. 80C.

My Question :
if i pay Rs.100000/- as my life insurance premium from HUF account then will HUF get deduction u/s. 80C Rs.100000/- ?

Aditya Maheshwari

Aditya Maheshwari (Expert)
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08 September 2012 Yes it is possible.

Message likes : 1 times

SANYAM ARORA

SANYAM ARORA (Expert)
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09 September 2012 Yes it is possible

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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07 October 2021 HUF should be policy holder, to claim the deduction.

Aditya Maheshwari

Aditya Maheshwari (Expert)
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08 October 2021 80C (2) says (2) The sums referred to in sub-section (1) shall be any sums paid or deposited in the previous year by the assessee—
(i) to effect or to keep in force an insurance on the life of persons specified in sub-section (4);

subsection 4
(4) The persons referred to in sub-section (2) shall be the following, namely:—
(a) for the purposes of clauses (i), (v), (x) and (xi) of that sub-section,—
(i) in the case of an individual, the individual, the wife or husband and any child of such individual, and
(ii) in the case of a Hindu undivided family, any member thereof;

So in case of HUF premium paid for any member possible to claim deduction.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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08 October 2021 Yes agreed.
The difference was already marked in the query.... i.e. " ......premium paid through HUF account...." itself implies the policy holder is HUF....

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