1. General tax benefit up to Rs. 200000 for A.Y. 2014-2015 being the maximum amount not chargeable to tax: HUF is the important tool for assessment under the framework of income tax act, 1961. When the effectively can serve a better way to manage a joint family. The entire family is respected to all ancestral property and the creation of HUF is very easy.
2. The deduction in respect of medical insurance premium U/S 80D of the income tax act, 1961: The senior citizen in any insurance premium is better to pay from the HUF to avail of the higher education. To provide that payment of medical insurance premium can be made by any mode than other cash.
3. The deduction in respect of medical treatment ETC U/S 80DDB of the income tax act, 1961: The family member is respect to any expenditure for the purpose of the medical treatment. The maximum eligible deduction is Rs. 40000 and senior citizen Rs.60000 is better to incur the medical expenses of a family member. From the family property.