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Following tax planning in huf possible or not ?????

CA Abhishek Singh (practice) (2105 Points)

08 September 2012

i want to form a HUF.

in my individual return i am claiming 100000 deduction u/s. 80C.

My Question :

if i pay Rs.100000/- as my life insurance premium from HUF account then will HUF get deduction u/s. 80C Rs.100000/- ?

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3 Replies

CA Ruben Balooni (Professionalism ™) (1324 Points)
Replied 09 September 2012

Yes. HUF will get dediction of Rs. 100000 u/s 80C

- Ruben Balooni

CA. Saurabh Garg (Chartered Accountant) (41 Points)
Replied 12 September 2012

Hi,

HUF can claim the deduction but you have to pay the tax on income earned by you. In this case if u earn approx 5 lac and u pay 1 lac to HUF and HUF invest the amount under investment specefied u/s 80C, HUF can claim the deduction but u have to pay the tax on income of Rs 5 Lac.

S S Dahale ( Agri and business) (439 Points)
Replied 28 December 2015

What tax exemption are allowed for 80 C and 80CCD fora HUF ? , as PPF contribution fora New HUF has been banned , insurance companies are reclutant to issue term plan for Karta of a HUF