A Father has paid Insurance Premium on the policy in the name of his Son. Now, my question is, who is eligible to claim the benefit of the same u/s 80C in the Income Tax Return ? :
1) The Father; 2) The Son, or 3) Both can claim
Varun (CA Final) (210 Points)
31 August 2015A Father has paid Insurance Premium on the policy in the name of his Son. Now, my question is, who is eligible to claim the benefit of the same u/s 80C in the Income Tax Return ? :
1) The Father; 2) The Son, or 3) Both can claim
Hitesh Khanna
(Accounting & Finance Taxation Company Law Audit )
(839 Points)
Replied 31 August 2015
CMA Poornima Madhava
(CMA)
(13097 Points)
Replied 31 August 2015
@ Hitesh: Are you sure it is dependent son, because I have not across such requirement?
Udgam Koomar
(Tax Technologist)
(1949 Points)
Replied 31 August 2015
Father if paid from cheque or account he can claim, if cash, benifit can be claimed by either of them, not both.
surya
(proprietor)
(28 Points)
Replied 01 September 2015
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