Treatment of LIC payments

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Mohd Sarfaraz Latibani (Querist)
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24 March 2009 I am paying LIC premiums of my wife from my bank account I want to know can I claim that amount as a deduction u/s 80 c in my Income Tax return. My wife is also filing Income Tax returns.

Thanks.

CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
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24 March 2009 you can claim

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Reetika Goel

Reetika Goel (Expert)
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26 March 2009 Under Sec. 80C, deduction is allowable even if the individual pays LIC Premium of his/her Spouse & children dependant on him.

It is immaterial whether the payment is made from his funds or his/her spouse funds.

Further, if your spouse is also filing his/her IT return, it is at the option of him/her to claim it in their return or through your return.