Question ID : 40748

Sec 80 deduction

Whether Grand Father can pay LIC Premium of his Grand son from his HUF, i.e. HUF of the Grand Father, and may take Deduction of the same u/s 80C in his HUF.

Answer ID : 80649

In case of a HUF, deduction is available in respect of policy taken in the name of any of the members of the HUF. Grandsons are member of HUF. Therefore, HUF can Claim the benefit of deduction u/s 80C.

Answer ID : 80653

As per Section 80C (4) (a) (ii) of The Income Tax Act, 1961, The premium of any member can be paid by Hindu undivided family. The question is raised that the grand son is member of Grand father HUF or not. As per law, the grand son is member of Grand son of HUF. so that the assessee can claim the deduction u/s 80C (2) of The Income Tax Act, 1961

Answer ID : 80656

Grandson being the coparcener is a member of HUF and therefore, HUF is eligible to claim deduction u/s 80C i.r.o LIC Policy of grandson.

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