Lic paid by son for himself , can father take 80c credit

This query is : Resolved

Report Abuse Follow Query Ask a Query

Tsering Phunchok Gurung

Tsering Phunchok Gurung (Querist)
Follow

29 August 2015 LIC and PPF paid by son for himself, Now can the question is can Father take credit of the same u/s 80C?

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

29 August 2015 80 C deduction is given to the payment made out of income chargeable to tax.

So? Paid by son and deduction to father is NOT possible.

paid for son by Father and deduction to father is possible.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

29 August 2015 Amol Ji

80C payments need not be 'out of income chargeable to tax'.

Citation:- Goutham Reddy Vs. ITO (2013) 6 TMI 378 ( Cochin- Tri).

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

29 August 2015 Yes, you are right.

80 C (2) The sums referred to in sub-section (1) shall be any sums PAID or DEPOSITED in the previous year by the assessee