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Can a person in INDIA of Hindu Undivided family take benefit of ITax rebate u/s80C of LIC premium?

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Can a person in INDIA of Hindu Undivided family take benefit of ITax rebate u/s80C of LIC premium?, 1.0 out of 10 based on 1 rating
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That a person in his own name invested 1lacs rupees in ELSS and insurance under 80C. Can he again get benefit under section 80c for investment in insurance policies under the Hindu Undivided Family pancard. That means will he get tax rebate for investment of 2lacs in ELSS and insurance schemes against the normal limit of 1lacs. will he get tax benefit for 2lacs.

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2 Answers



  1. Mathew on Dec 10, 2011 reply

    Hi,

    I was looking into my insurance a couple of months ago. This site contains a great deal of helpful information:

    http://littlurl.com/fzjvo

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  2. HMT on Dec 10, 2011 reply

    Under the Income Tax Act, a HUF is treated as a separate entity for the purpose of assessment.
    Since the HUF is a separate entity, it can earn income from all the income heads except income from salary.
    The HUF can claim Rs 1,00,000 deduction under Section 80C, when it files its ITR.

    You can also claim Rs 1,00,000 deduction under Section 80C, when you file your ITR as an individual to declare your income.

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