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HUF TAXATION

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(Querist)
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
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CA. B.SRINIVASULU

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CA. B.SRINIVASULU (Expert)
19 September 2009 HUF can claim only memebrs lic preium.
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Ratan Sharma

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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.
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CA Devanshi Gandhi (Ajani)

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CA Devanshi Gandhi (Ajani) (Expert)
02 August 2011 yes deduction can be claimed
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