Lic deduction claim

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Querist : Anonymous

Querist : Anonymous (Querist)

15 November 2011 An Individual regularly paying its lic policy from last 2 years amounted rs 50000/- now he want to pay this policy from its huf, is there any formality regarding this, whether we have to change the name of proposer in lic, can huf claim deduction without informing to lic. .. Plz answer It.........

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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15 November 2011 No procedure, LIC premium of any HUF member canbe claimed by HUF under 80C. once HUF starts claiming, individual cannot claim the same

Querist : Anonymous

Querist : Anonymous (Querist)

15 November 2011 but if there any necessity to inform lic to claim deduction by huf ?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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15 November 2011 No procedure to inform about claim to LIC. just make sure dont claim the double deduction by HUF & Individuals both, otherwise you will face problem in assessment

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