Please Wait ..

Sign-in to your account


Username:
Password:

Remember Me

Forgot your password?

Sign-up now



Join CAclubindia.com and Share your Knowledge. Registered members get a chance to interact at Forum, Ask Query, Comment etc.


Discussion > Income Tax > Tax queries >

Who can avail Tax Benefit???

    Post New Topic
Pages : 1 2





Area Head

[ Scorecard : 25]
Posted On 03 March 2010 at 12:47 Report Abuse

Who can avail Tax Benefit for LIC???

The policy is in my working spouse name... i'm neither the proposer nor the life assured...

if i pay a premium for that policy... can i avail tax benefit? does tht rule apply for any policy?

Ankur


Online classes for CA CS CMA



Vidya
Service with a reputed CA firm

[ Scorecard : 75]
Posted On 03 March 2010 at 12:54

Life Insurance Premia paid by an individual on his life, spouse's life or an life of his child qualifies for a deduction u/s 80C(2).



Total thanks : 1 times




krutika
CA FINAL

[ Scorecard : 49]
Posted On 03 March 2010 at 13:00

In case of individual, policy should be taken on his own life, life of spouse or any child(dependen/ independent/marr./unmarrd) to claim deduction U/s 80C.

as in ur case u are avail to the deduction for payment of LIC of ur spouse.

however the deduction will be subject to 20% of sum assured
 



Total thanks : 1 times



Amir
Learner

[ Scorecard : 3951]
Posted On 03 March 2010 at 13:01

Dear Ankur,

Deduction will be available to the person who has paid the amount of premium. So in this case also u are eligible to get the deduction..........

In case of any query U just have to satisfy the AO that payment has been made from ur Bank Account/funds, by producing Bank Statements, having zerox copy of cheque, etc



Total thanks : 1 times



CA Pramod Jain
manager finance

[ Scorecard : 1565]
Posted On 03 March 2010 at 13:02

ya agree u can avail deduction



Total thanks : 1 times



AnkurGee
Area Head

[ Scorecard : 25]
Posted On 03 March 2010 at 13:04

Thanks a lot for the clarification... but i was told tht only a life insured or proposer of the policy can take tax benefit... irrespective of the person paying the premium... otherwise i paying premium for my working daughter wud b claimed by me though the policy is in her name n she herself being proposer for it.




Ratan Deep Saxena
Asstt Manager (Accounts & Finance)

[ Scorecard : 2908]
Posted On 03 March 2010 at 13:12

No. Only d  Person who pays the premium of LIC for the life of his/her spouse, childrens can claim the deductions.

regards,

ratan




Jay Barker
Detective

[ Scorecard : 73]
Posted On 03 March 2010 at 14:08

Yes, I am agreed with your views. I think Ankur is not deserve for avail deduction.




Sathyanarayanan. CA Final
Article

[ Scorecard : 501]
Posted On 03 March 2010 at 16:04

Even no need to prove the sources of payment. The only condition is if you claim deduction then your wife should not claim deduction.

There is no need to that it should be paid through your bank account. 




sivaram
Asst Mgr-Finance

[ Scorecard : 5022]
Posted On 04 March 2010 at 11:23

 

Originally posted by : Sathyanarayanan. CA Final

Even no need to prove the sources of payment. The only condition is if you claim deduction then your wife should not claim deduction.

There is no need to that it should be paid through your bank account. 

 I agree 100% on this comment



There are 10 Replies to this message








Related Files








Related Threads


Post your reply for Who can avail Tax Benefit???



Your are not logged in . Please login to post replies

Click here to login


Not a member yet ?? Click here to signup

Message







    

  • Use thank button to convey your appreciation.
  • Maintain professionalism while posting and replying to topics.
  • Try to add value with your each post.



Forum Home | Forum Portal | Member Control Center | Who is Where | Popular Threads | Today's Topic | Recent Posts | Today's Posts | Post New Topic | Thread With Files | Top Threads This Month | Forum Stats | Unreplied Threads

back to the top