HUF TAXATION
This query is : Resolved
19 September 2009
Pls let me know whether a person who is an HUF asesse claim the tax benefit of Rs 1 lac in his file by paying his son`s LIC Premium ?The son is not a member of his father`s huf file. The son is having his own independant huf file with his wife as a member. In this case can the father claim the benefit if he pays the lic premium of his son? Kind Regards
CA. B.SRINIVASULU
(Expert)
19 September 2009
HUF can claim only memebrs lic preium.
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Ratan Sharma
(Expert)
19 September 2009
Dear friend, son is always a member of HUF of his father irrespective that the son is having his own HUF. Fathers HUF is a bigger HUF having son as his member and Son's HUF is a smaller HUF in your case.
In my opinion Fathers HUF can claim the deduction on the LIP paid for his son.
In my opinion Fathers HUF can claim the deduction on the LIP paid for his son.
02 August 2011
yes deduction can be claimed
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