03 January 2020
Dear Experts I have a query! Let say Mr. A is the individual and Mr. B is his son and C is his Grand Son. Now Mr. A being a proposer insured the life of his grand son C and paid the Insurance premium of Rs. 25000. Now my query is. can Mr B (Father of Mr C) claim the deduction U/s 80C on account of LIC premium paid by Mr. A?
03 January 2020
Please read sub-section (iv) of Section 80C. Deduction in respect of insurance premium is available in the case of an individual if the premium is paid to keep in effect an insurance on the life the individual, the wife or husband and any child of such individual. Deduction is not available if the premium is paid in respect of an insurance policy in the name of the grandchildren.
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