80C

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parteekjain (Querist)
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18 July 2011 PREMIUM OF INSURANCE POLICY PAID BY COMPANY FOR THE LIFE OF ITS DIRECTORS CAN DIRECTOR CLAIM THE DEDUCTION U/S 80C IN ANY WAY?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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18 July 2011 My view ,LIC premium paid by Company for Director need to be taxed as the perquisite in director hand, so the same can be taken as deduction u/s.80C, since it taxed

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parteekjain

parteekjain (Querist)
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18 July 2011 PREMIUM OF INSURANCE POLICY PAID BY COMPANY FOR THE LIFE OF ITS DIRECTORS CAN DIRECTOR CLAIM THE DEDUCTION U/S 80C IN ANY WAY?

AND FURTHER IF THERE IS NOT AGREEMENT FOR INSURANCE PREMIUM PAYMENT BETWEEN DIRECTOR AND THE COMPANY.IF THEN STILL THE DEDUCTION U/S 80C CAN BE CLAIMED BY THE DIRECTOR OR NOT?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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18 July 2011 Your query can be taken 2 way
1. if the company having agreement for paying LIC premium for director regularly it will be treated as taxable salary perquisite and the same can be claimed under 80C also

2. In case paid as occasionally and recovered from director also finally payment making by director only. so can be claimed deduction u/s.80C

parteekjain

parteekjain (Querist)
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18 July 2011 BUT FOR THIS PRIOR APPROVAL OF GOVT IS REQUIRED IS IT SO OR NOT? AND HOW CAN CLAIM DEDUCTION? AND THANKS FOR UR PREVIOUS QUICK RESPONSE.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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18 July 2011 Approval from Govt not required for this, in case if the Director employee of the company. it will be reported as part of Director remuneration

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