80c (insurance premium) deduction
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 March 2014
A Life policy was opened in May 2011 by father in the name of his Son. Father paid insurance premium on the same for PY 2011-12 and Father claim deduction u/s 80C for insurance premium paid in his return for AY 12-13.
Father retired in March 2012 and his pension income is below minimum taxable salary's slab viz below Rs 2L, Now Son agreed to himself paid insurance premium on the policy opened by father in his( Son's) name, now son wants deduction of premium paid for next A.Y. is it possible for Son?
Provided that Father claim no deduction for the same in his next Return.
Father retired in March 2012 and his pension income is below minimum taxable salary's slab viz below Rs 2L, Now Son agreed to himself paid insurance premium on the policy opened by father in his( Son's) name, now son wants deduction of premium paid for next A.Y. is it possible for Son?
Provided that Father claim no deduction for the same in his next Return.
04 March 2014
Yes the son can claim the deduction of LIC premium provided his father does not claim the same.
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