80c on dependents
This query is : Resolved
v ravikumar
(Querist)
05 February 2014
is payment of lic on departments can take as deduction under section 80c.please tel me today I have some argument with my hr on this topic please(dependents means parents)
CA Ghanshyam Joshi
(Expert)
05 February 2014
Refer article on www.taxclick.org on this subject
CA Ghanshyam Joshi
(Expert)
05 February 2014
Life insurance premium paid on policy of taxpayer himself, his spouse or any child is allowed as deduction. In case of HUF, premium paid on policy of any family member is allowed as deduction. Kindly note that life insurance premium paid by individual on the life insurance policy of parents or in–laws are not eligible for deduction under section 80C. One more condition for the insurance premium is that insurance premium cannot be exceed 10% of sum assured, however this limit is 15% if policy taken on the life of person with disability.
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