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Following tax planning in huf possible or not ?????
if i pay Rs.100000/- as my life insurance premium from HUF account then will HUF get deduction u/s. 80C Rs.100000/- ?
Replies (3)
Yes. HUF will get dediction of Rs. 100000 u/s 80C
- Ruben Balooni
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.
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
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