Will HUF creation will help me save more taxes

SaurabhL

KF Ace
Dear All

Myself is in regular central government employee, my wife regular state government employee, my father is retired SBI employee and a pensioner, my mother retired state government employee and a pensioner, my brother a central government employee and his wife state government employee, me & my wife having home loan, my brother and mother together having a home loan,
I am having a side business, not much of profit making, yet to be registered, I am having 2 lakhs annually invested in NPS

1) So can we 6 create HUF to save more taxes,
2) will it be helpful in any other ways to save more money
 
Please reply
Yes you can create HUF and save taxes but there are some conditions. You can claim exemption for home loan repayment u/s 80C upto 1,50,000 and also for Interest u/s 24(B), both you and your wife can claim deduction of RS 2 lakh each if both of you are joint owner. Also you can claim additional deduction u/s 80CCD(1B) OF RS 50000 FOR NPS CONTRIBUTION. Will advice to create HUF only after taking into all considerations that which will be more benificial to you.
 
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