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Discussion > Income Tax > Tax queries >

80C : Can LIC premium paid for Dependent Parents be claimed

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Practice


[ Scorecard : 56]
Posted On 14 February 2011 at 15:20 Report Abuse

80C : Can LIC premium paid for Dependent Parents be claimed u/s 80C


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Pankaj Arora
Accountant/Learner


[ Scorecard : 2744]
Posted On 14 February 2011 at 15:27

 

You can take exemption u/s 80D for health insurance of dependent parents.





pinkesh
Financial Analyist


[ Scorecard : 29]
Posted On 14 February 2011 at 15:52

LIC premium paid for parents whether depended or not, is not eligible for deduction U/s. 80 C



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Pankaj Arora
Accountant/Learner


[ Scorecard : 2744]
Posted On 14 February 2011 at 15:53

You can take exemption u/s 80D for health insurance of dependent parents.



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CA C.JANANI
partner


[ Scorecard : 269]
Posted On 14 February 2011 at 16:01

80 c available only on individual,spouse or dependent children whether married or unmarried. 80 d can be claimed only if it s a medicalim policy.if it is life policy no.



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CMA. CS. Sanjay Gupta
"PROUD TO BE AN INDIAN"


[ Scorecard : 87216]
Posted On 14 February 2011 at 16:52

Life Insurance Premiums: Any amount that you pay towards life insurance premium for yourself, your spouse or your children can also be included in Section 80C deduction. Please note that life insurance premium paid by you for your parents (father / mother / both) or your in-laws is not eligible for deduction under section 80C. If you are paying premium for more than one insurance policy, all the premiums can be included. It is not necessary to have the insurance policy from Life Insurance Corporation (LIC) – even insurance bought from private players can be considered here.



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@*Siddharth Bumb. *
B.Com CA Final CS Professional


[ Scorecard : 4843]
Posted On 14 February 2011 at 19:20

yes agree with Mr Sanjay Gupta....



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annu.R
Article,CS,B.Com


[ Scorecard : 2763]
Posted On 15 February 2011 at 12:22

Insurable intrest only on spouse and depandent children not on dependent parents.Only Wife for husband or vice -versa and dependent children in Insurance or claimed for deduction u/s 80C and 80CCC(where there life cover applied in pension plan).Even Life insurance cann't take others cheque, where life cover applied in insurance policy except above mentioned (Wife for husband or vice -versa and for dependent children only).

 

Regards



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Abishek
Student


[ Scorecard : 1098]
Posted On 15 February 2011 at 12:50

What if the Life insurance premium paid is in the name of individual , spouse and also parents together? how can 80 c deduction be claimed in that case?



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