Deduction u/s 80C - Hindu undivided family is entitled to deductions only in respect of any sums paid in the previous year by the assessee out of its income chargeable to tax, to effect or to keep in force an assurance on the life of any member of the family.
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Deduction under section 80C: HUF eligible only for life assurance payments; provident fund and post office deposits not eligible. A Hindu undivided family may claim deductions under section 80C only for sums paid out of its income chargeable to tax to effect or keep in force a life ... Summary
Deduction under section 80C: HUF eligible only for life assurance payments; provident fund and post office deposits not eligible.
A Hindu undivided family may claim deductions under section 80C only for sums paid out of its income chargeable to tax to effect or keep in force a life assurance on a family member; contributions by a HUF to the Public Provident Fund or to 10 or 15 year Post Office cumulative time deposit accounts are not deductible, as those deposit deductions are confined to individuals, and authorities were instructed to issue clarifications and review past assessments where such deductions were allowed.
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