Lic paid for karta by huf
This query is : Resolved
31 October 2012
Dear Experts,
What should be the treatment for LIC premium paid by the HUF for its members? Will it be drawings or can be claimed as expense from the Family Business?
What should be the treatment for LIC premium paid by the HUF for its members? Will it be drawings or can be claimed as expense from the Family Business?
31 October 2012
It is treated as drawings, however allowable as a deduction u/s 80C of Income Tax Act, upto a maximum limit of Rs. 1 lakh.
However LIC paid should be of a member of HUF and not anyone else.
However LIC paid should be of a member of HUF and not anyone else.
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