80c
This query is : Resolved
megha agarwal
(Querist)
29 December 2017
lic premium is of Rs. 200000. assessee paid Rs. 150000 and his/her spouse paid balance Rs. 50000 by way of their resp. cheque. so will the deduction be allowable to both of them?
megha agarwal
(Querist)
02 January 2018
but as per 80C, 'In computing the total income of an assessee, being an individual or a Hindu undivided family,
there shall be deducted, in accordance with and subject to the provisions of this section, the WHOLE of the
amount PAID or DEPOSITED in the previous year.'
There is no restriction regarding in whose name the policy is issued. Kindly guide.
there shall be deducted, in accordance with and subject to the provisions of this section, the WHOLE of the
amount PAID or DEPOSITED in the previous year.'
There is no restriction regarding in whose name the policy is issued. Kindly guide.
Dhirajlal Rambhia
(Expert)
30 September 2021
But there is cap of 1.50 lakhs for deduction. Here the advantage can be taken because of term 'policy taken in name of spouse'
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Capital Gail Exemption Certificate
- Unable to File TDS Q2 Return – New TRACES Portal Error
- EPF ECR NEW RULES Sep 17th 2026
- Issuing of delivery challan by seller of goods
- Taxation of crypto futures in India Fy 2026- 2027
- MSME disclosure and disallowance
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
