Investment in lic jeevan akashay plan through huf

dinesh kumar (Querist) 10 December 2016 This query is : Resolved
I AM A KARTA OF MY HUF, I HAVE INVESTED RS.500000 IN LIC JEEVAN AKASHAY PENSION PLAN THROUGH HUF FUND FOR BENIFIT OF HUF . I WILL GET 3400/PER MONTH FROM NEXT MONTH TILL SURVIVAL.
NOW I WANT TO KNOW WHETHER THE MONTHLY INCOME THROUGH JEEVAN AKSHAY WILL THE INCOME OF HUF OR MY PERSONEL INCOME FOR INCOME TAX POINT OF VIEW.

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Rajendra K Goyal (Expert) 10 December 2016
Refer the LIC offer document carefully.

Can send letter to LCI to get exact position.

Otherwise, show the plan documents to your tax consultant and get the clarification.

Kumar Doab (Expert) 10 December 2016
Agreed.

Let LIC answer.

Kumar Doab (Expert) 10 December 2016
You can also refer to:

http://www.incometaxindia.gov.in/tutorials/20.%20tax%20benefits%20due%20to%20health%20insurance.pdf

malipeddi jaggarao (Expert) 11 December 2016
Obviously it is the income of HUF as the investment is made through HUF funds and in the name of HUF. What is the doubt you have in your mind?

H.M.Patnaik (Expert) 11 December 2016
I completely agree with the sound advice given by Mr. M. Jaggarao.

dinesh kumar (Querist) 12 December 2016
ONE OF IT OFFICIAL SAID THAT HUF CAN FUND FOR THE INVESTMENT BUT THE INCOME WILL BE TREATED AS INDIVISUL INCOME OF KARTA ,NOT THE INCOME OF HUF.LIC OFFICIAL HAS NO IDEA ABOUT THIS.

Rajendra K Goyal (Expert) 13 December 2016
Have second opinion from tax consultant.

send RTI to Income Tax Department.

Kumar Doab (Expert) 13 December 2016
HUF can pay premium for the Life Insurance policy of HUF members.

IN case there is no clear information then RTI is the best route.

Certainly your own I Tax consultant can find out and confirm for you.

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