Dear All,
Please tell me if LIC Policy in name of Individual but Premium Payment made from his HUF a/c than deduction will be allowed in HUF A/C or not.
Regards
Hemanshu Darji
#09819406499
13 Replies
Mihir
(Wealth Manager)
(5293 Points)
Replied 19 August 2011
I think deduction will be allowed to the individual and not to the HUF.
let others share.
Sanat kumar
(Chartered Accountant)
(265 Points)
Replied 19 August 2011
Hi Hemanshu
A HUF can get the dedcution of LIC Premium if the policy is taken on the life of any member of the family. In this case, I think HUF can claim deduction u/s 80C.
If HUF will claim that deduction then that individual will not be allowed to claim deduction again.
Mansi
(CA (Final), B.com)
(939 Points)
Replied 19 August 2011
am agree with Sanat ... HUF will get the deduction u/s 80 C
Amit Gupta
(Loosening Myself)
(1508 Points)
Replied 19 August 2011
| Originally posted by : Sanat kumar | ||
 |
Hi Hemanshu A HUF can get the dedcution of LIC Premium if the policy is taken on the life of any member of the family. In this case, I think HUF can claim deduction u/s 80C. If HUF will claim that deduction then that individual will not be allowed to claim deduction again. |
 |
Deduction available to either HUF or individual.
CA Aditya Modi
(Associate Manager)
(159 Points)
Replied 19 August 2011
Since the policy is in the name of the member only the member can claim the deduction.
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 19 August 2011
deduction is available to actual payee, i.e HUF for premium paid for member of HUF
RONAK DARJI
(CA FINAL)
(382 Points)
Replied 19 August 2011
Dear All Members,
As per my opinion there are two option..
1st is to claim deduction in the hands of Individual because policy is issue on his/her name,and at end of maturity that individual got amount which is invested..
2nd option is to claim in hands of HUF just because of payment point of view and if that individual is member of that HUF than definetely Deduction can claim by HUF..
Above two option is based as per my past experience,member can claim any one from above.if i am wrong then direct me.
Regards,
Ronak Darji
silvi ubal gomes
(Awaiting Final Result)
(82 Points)
Replied 19 August 2011
Section 80C provides deduction on payment basis so whoever pays gets the deduction. An HUF can claim deduction if it takes on the life of the member.
Rehbar Siamwala
(Sr. Executive Taxation)
(112 Points)
Replied 19 August 2011
agreed with Sanat, Deduction will be available to HUF
CA YOGESH GARG GMG PLYWOODS
(BUSINESS OF PLYWOOD and PARTNER IN GUPTA & MALHOTRA CHARTERED ACCOUNTANTS)
(248 Points)
Replied 19 August 2011
As per Sec 80C deduction will be given to that Assessee who is making the payment i.e. SEC 80C is Payment based like in our case HUF will get the LIC deduction.. But in practical life you can also take the deduction i.e. family member except PPF ( as PPF is always Payment based).
R SUBRAMANIAN
(NA)
(56 Points)
Replied 20 August 2011
Either the HUF or the individual can claim exemption. The benefit can also be claimed on an interchangeable basis in subsequent years.
sandeep
(student)
(188 Points)
Replied 13 December 2012
u/s 80c its is expressed lic premium paid or not by individual can be claim by him. according to me the payment made by huf for the member lic premium can be claim by both at a time .but i doubt on the sec where they says the fund of the huf cannot use by the members for thier mutual benefit.
rajeev
(Accountant)
(159 Points)
Replied 14 December 2012
LIC PREMIUM IF PAID BY CHEQUE THAT SHOW IN WHOS BANK GETS DEDUCTION FOR THE SAME.
IF PAID BY CASH AS A INDIVIDUAL OR HUF AS PER REQUIRMENT YOU CLAIM FOR THE SAME.
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