80c tax benefit for parints policy premium
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 February 2015
I want to take an insurance policy in the names of my parents — to claim deduction under Section 80C. Can I claim the deduction in respect of such premium payable to LIC under Section 80C?
19 February 2015
Section 80C:
This section has been introduced by the Finance Act 2005. Broadly speaking, this section provides deduction from total income in respect of various investments/ expenditures/payments in respect of which tax rebate u/s 88 was earlier available. The total deduction under this section (alongwith section 80CCC and 80CCD) is limited to Rs. 1.50 lakh only (Increased from Rs. 1.00 lacs w.e.f. 01.04.2014).
Life Insurance Premium For individual, policy must be in self or spouse's or any child's name. For HUF, it may be on life of any member of HUF.
hence no deduction is allowed if you take it in name of your parents.
This section has been introduced by the Finance Act 2005. Broadly speaking, this section provides deduction from total income in respect of various investments/ expenditures/payments in respect of which tax rebate u/s 88 was earlier available. The total deduction under this section (alongwith section 80CCC and 80CCD) is limited to Rs. 1.50 lakh only (Increased from Rs. 1.00 lacs w.e.f. 01.04.2014).
Life Insurance Premium For individual, policy must be in self or spouse's or any child's name. For HUF, it may be on life of any member of HUF.
hence no deduction is allowed if you take it in name of your parents.
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 February 2015
If my Parents are dependent to me can i take benefit for policy paid by me. ???
19 February 2015
unfortunately sec 80C will not allow even if they are dependent as it only uses self, spouse and children.
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19 February 2015
unfortunately sec 80C will not allow even if they are dependent as it only uses self, spouse and children.
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