![]() All the three deductions can be simultaneously claimed by an Individual and his HUF provided both have made separate expenditures as specified. Please note that the deduction under Section 80C can be claimed by an HUF whether resident or not but the deductions under Section 80DD and 80DDB are available only if the HUF is resident under tax laws. This deduction is available irrespective of the amount spent by the HUF.Ī resident HUF can also claim deduction (from its gross income) for treatment of certain specified diseases (as per the Income Tax Act) for any of its dependent members under section 80 DDB upto Rs. ![]() 1,25,000/- if the member is suffering from severe disability. The amount of deduction available goes up to Rs. 75,000/- or has bought a life insurance for maintenance of such member. You can also pay health insurance premium from your HUF in case the premium payable for your family and parents exceeds the eligible amount under Section 80D.Ī resident HUF can claim deduction (from its income before levy of tax) under Section 80 DD if HUF has incurred any expenditure for medical treatment of any of its physically disabled member for Rs. The HUF can also make investments in Equity Linked Saving Schemes (ELSS) and tax saving fixed deposits also. ![]() Though HUF is not allowed to open a PPF account in its name, it can still contribute to PPF account of any of its members and claim the tax benefits. So your HUF can have additional two properties as self-occupied for which you do not have to pay any tax as the value of self occupied property is taken as nil. Please note notional rent is not nominal rent but is the market rent which the property is expected to fetch. For the deemed to have been let out property/ies, the tax payer has to offer notional rent for tax. ![]() In case more than two properties are owned and self occupied, the tax payer has to choose any two of all the properties as self-occupied and the rest are treated as deemed to have been let out. It can also claim interest paid on money borrowed to buy/contract/repair/renovate its property under Section 24(b).Īs per income tax laws a taxpayer can claim only two properties owned by him/her as self-occupied. 1.50 lakh along with other eligible items. It can also avail home loan to buy a residential house property and avail the tax benefits under Section 80 C for repayment of home loan upto Rs. Mutual Funds Spend P2P Data Center Fuel Rates Diesel Rates Petrol Rates Bank Pan Number Bank holidays Penny Stocks MF Ratings & NAV Top Performing Schemes Top Star Rated Schemes Top Tax Saving Schemes Highest Risk Adjusted Return New Fund Offers Forthcoming Dividends NPS Top Performing NPS Scheme Most Consistent NPS schemes ETF Perfomance Latest Prices Listed Bonds Traded in Cash Market ULIPs ULIP Schemes Calculators Recurring Deposit Calculator Fixed Deposit Calculator LTCG Tax Calculator Income Tax Calculator Rent Receipt Generator SIP Calculator IFSC Bank Code NPS Calculator Invoice Generator EPF Calculator House Property Income HRA Calculator Sukanya Samriddhi Calculator Education Loan Calculator Car Loan Calculator Home Loan Calculator Personal Loan Calculator Risk Tolerance Calculator Financial Fitness Calculator Buy Online Health Insurance Car Insurance 2 Wheeler Insurance Interest Rates Recurring Deposit Rates Fixed Deposit Rates Bank Fixed Deposits Rates Post Office Schemes Rates MCLR Loan EMI Participate & Win Stocks & Shares ET Wealth ET Wealth Editions Buy Wealth Magazine ET Wealth NewsletterĪn HUF can own any property including a residential house.
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