Minors LIC payment

the provisions are for clubbing of income and not clubbing of deduction

so u cant

but practically it does not make sense.... when you are clubbing  the income you can might as well claim the deductions also.

The provision has not emphasised anything specific on this..

law is law cant help it

ofcouse u can claim 1500 per child (max 2)

Hello,

Yes it is available u/s 80c for payment for LIC for minors... Its on payment basis...for individual, spouse and children.

thank u boss ...

my friend in I.T Act payment of the LIP of Childrens is available even if the Minor does not have any Income. So, it make no difference whether the Minor's LIP shd be paid out of his Income. It can be claimed even if dont have any Income.

Yes it is available u/s 80c for payment for LIC for minors... Its on payment basis...for individual, spouse and children.

DEAR DHAWAL

THE QUESTION IS THAT WHO HAS DEPOSITED AMOUNT IN MINOR'S BANK ACCOUNT. E.G IF AMOUNT TRANSFERRED FROM FATHER'S ACCOUNT TO SON'S (MINOR'S) ACCOUNT TO MAKE LIP PAYMENT, AND LATER ON PAYMENT MADE TO LIC THROUGH MINOR'S ACCOUNT EITHER THROUGH ECS OR BY CHEQUE, IT WILL BE ALLOWED AS DEDUCTION TO FATHER BECAUSE, U/S 80C, MODE OF PAYMENT IS NOT IMPORTANT, THING IS THAT LIC PREMIUM PAID THROUGH MINOR'S ACCOUNT WOULD NOT PRECLUDE FATHER FROM CLAIMING DEDUCTION. THE PAYMENT THROUGH MINOR'S ACCOUNT IS ONLY A MODE OF PAYMENT OF LIC PREMIUM.

FROM ALL THE ABOVE, DED U/S 80C WOULD BE ALLOWED TO PARENT WHO DEPOSITED MONEY IN BANK ACCOUNT OF MINOR....

REGARDS,

MANOJ