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Deduction u/s 80CCC

CA Navin Jain (MANAGER (FINANCE & ACCOUNTS)) (11768 Points)

13 April 2009

Hello

I HAVE PAID INSURAMCE PREMIUM OF MY PARENTS. CAN I ELIGIABLE FOR DEDUCTION U/S 80CCC

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17 Replies

Sumit Jain (CA) (4760 Points)
Replied 13 April 2009

i think yes

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Darshu (CA) (1580 Points)
Replied 13 April 2009

Yes u are eligible u/s 80 CCC

manoj (student) (5205 Points)
Replied 13 April 2009

yes u can

rachit jain (chartered accountant ) (635 Points)
Replied 23 April 2009

no u can not claim. you can claim the deduction of insurance primium of your life, spouce and children but not the parents.

VARUN (PCC STUDENT) (523 Points)
Replied 24 April 2009

i think sec 80ccc is for contribution of pension fund ..then how can u claim deduction for insurance premium paid under dis section .......

plz inform me wats the right answer ....

Regards,

Varun Makhija

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Rupesh Jha (M.Com CA PhD* and MBA*) (1116 Points)
Replied 24 April 2009

IF IT IS LIFE INSURANCE PREMIA

THAN U CAN'T CLAIM FOR DEDUCTION U/S 80C.

AND

IF IT IS MEDICAL INSURANCE PREMIA

IF YOUR PARENTS DEPENDENT ON YOU THAN U CAN CLAIM FOR DEDUCTION U/S 80D,OTHERWISE U CAN'T CLAIMED FOR DEDUCTION.

AND SEC.80CCC APPLICABLE FOR CONTRIBUTION TO PENSION FUND NOT FOR MEDICAL INSURANCE PREMIUM PAID.

Rupesh Jha (M.Com CA PhD* and MBA*) (1116 Points)
Replied 24 April 2009

FROM ASST. YR. 2009/10 U CAN CLAIM FOR ADDITIONAL DEDUCTION UPTO RS. 15000/- FOR HEALTH INSURANCE PAID FOR PARENTS WHETHER DEPENDENT UPON U OR NOT.

K R Ramesh (Service) (201 Points)
Replied 24 April 2009

If Naveen is mentioning about the Life Insurance then the answer would be NO, you can't claim the deduction as Rachit Jain informed correctly it is allowed only for self, spouse & childrens and not for parents.

But if you are mentioning about the health insurance then the answer is YES, you can claim the deduction u/s 80 D (Mediclaim)

vijay (.) (212 Points)
Replied 26 April 2009

Hi Mr. Naveen,

You cannot claim the deduction for the payment of medical inusrance of your parents under section 80CCC.

YOu can claim deduction under section 80D(if you have paid MEDICAL INSURANCE PREMIUM) of Rs. 15000 if ur parents are not senior citizen, if they are senior citizen then the amount you can claim as deduction increase to Rs. 20,000 subject to following conditions.

1. the premiun must not be paid in Cash.

2. Parents Must be DEPENDENT.

3. Premium shall be paid out of the taxable income only.

Hope you will find this information useful.

Regards

Vijay Kumar

Rupesh Jha (M.Com CA PhD* and MBA*) (1116 Points)
Replied 27 April 2009

Yes, Vijay is right.

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vijay (.) (212 Points)
Replied 27 April 2009

Hi Mr. Suresh,

Under Section 80 (D) The parents should be dependent.

here Dependent word means "dependency on son need not be "dependency to a great or considerable degree, though dependency must be actul; question being whether the son's contribution was needed to provide parents with some of ordinary necessities of life suitable to persons in ther class.

Regards

Vijay Kumar