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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....nbsp;Dated : June 7, 1973 Section(s) Referred: 80C Statute: Income - Tax Act, 1961 Instances have come to the notice of Board that deductions under section 80C (1) have been allowed in the assessments of Hindu undivided families also in respect of contributions to the Public Provident Fund set up by the Central Government and /or deposits in a 10-year or 15-year account under the Post Off....