I think deduction will be allowed to the individual and not to the HUF.
let others share.

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.

am agree with Sanat ... HUF will get the deduction u/s 80 C

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.

Since the policy is in the name of the member only the member can claim the deduction.

deduction is available to actual payee, i.e HUF for premium paid for member of HUF

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

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.

agreed with Sanat, Deduction will be available to HUF

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).

Either the HUF or the individual can claim exemption.  The benefit can also be claimed on an interchangeable basis in subsequent years. 

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.

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.