Lic deduction
Sahil piplani (Student) (29 Points)
21 July 2014
Lic of son paid by father can son take deduction if father did not take deduction?
Sahil piplani (Student) (29 Points)
21 July 2014
Stranger
(.)
(5526 Points)
Replied 21 July 2014
Generally u/s-80C lic premium can be allowed to individual or his / her spouse & his/ her children (married or unmarried, minor or major) paid out of chargeable or exempted income of that individual. In the present case, since the amount is paid by the father on son's behalf, son can claim the lic premium payment, provided the amount paid by the father should be proved as loan taken by the son, which is possible if the repayment of the said amount from the son's a/c to father's a/c is made by cheque or net banking which will substantiate the loan taken & repayment transaction between father & son before the A.O., if situation arises.
CAclubindia
