Lic deduction
This query is : Resolved
12 March 2015
Dear Experts,
Is LIC premium paid by bank A/c of karta on any of the member of HUF is eligible for deduction for HUF u/s 80C or not?
Is LIC premium paid by bank A/c of karta on any of the member of HUF is eligible for deduction for HUF u/s 80C or not?
12 March 2015
In my opinion it should be made from bank account of HUF only.
12 March 2015
Please specify section or rule or any notification or circular favoring your comment.
12 March 2015
if karta have made payment in personal capacity as individual then sec 80C benefit not allowed to huf.
12 March 2015
There is no any section or rule or notification or circular. It is pretty much clear that Section 80C deduction is only available to a person who has paid insurance premium.
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