Lic premium in huf
This query is : Resolved
10 August 2011
Hello CA's and Experts
I am Sanjay. The LIC is in the name of Karta of HUF and the payment is done through HUF and the deduction is availed u/s 80C. The said dseduction is allowable or not. Kindly advise.
2.The payment of one of the member(minor) of HUF is deposited in PPF account through HUF account can be shown as deduction u/s 80C limited to Rs70000/-.
Is am right or wrong. I am confused. Kindly advise on two points.
thanks and regards
sanjay
I am Sanjay. The LIC is in the name of Karta of HUF and the payment is done through HUF and the deduction is availed u/s 80C. The said dseduction is allowable or not. Kindly advise.
2.The payment of one of the member(minor) of HUF is deposited in PPF account through HUF account can be shown as deduction u/s 80C limited to Rs70000/-.
Is am right or wrong. I am confused. Kindly advise on two points.
thanks and regards
sanjay
10 August 2011
1. available for LIC premium payment for any member of HUF including karta.
2. if the payment is made by cheque, the deduction is available.
2. if the payment is made by cheque, the deduction is available.
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