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Who can avail Tax Benefit???


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

 
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Service with a reputed CA firm

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).


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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
 


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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


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manager finance


ya agree u can avail deduction


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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.

 
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Asstt Manager (Accounts & Finance)

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

regards,

ratan

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

 
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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. 

 
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Asst Mgr-Finance


 

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

 
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