Can i claim lic premium amount that is paid by my company
This query is : Open
manjunth S
(Querist)
19 March 2016
Can i claim LIP premium amount that is paid by my company on behalf of me by regularly ?
KAVIRAJA ADDANGADI
(Expert)
20 March 2016
Yes. If Premium is paid by deduction from salary or it should be part of perquisite and same is paid on behalf of you.
KAVIRAJA ADDANGADI
(Expert)
20 March 2016
Yes. If Premium is paid by deduction from salary or it should be part of perquisite and same is paid on behalf of you.
manjunth S
(Querist)
20 March 2016
sir it's not deducted in salary.that policy premium is rs 2500 paid by copany remains only deducted in salary it's very less amount so can I claim that lip premium
20 March 2016
What is the nature of Policy? Is it group insurance policy? If yes then there is no deduction available to you.
manjunth S
(Querist)
20 March 2016
no its an individual policy
manjunth S
(Querist)
20 March 2016
no its an individual policy
manjunth S
(Querist)
20 March 2016
no its an individual policy
KAVIRAJA ADDANGADI
(Expert)
20 March 2016
Anything paid by company amounts to perquisite, first you have to add to salary, than same can be claimed has deduction.
20 March 2016
You can claim it as deduction u/s 80C. If the amount is not deducted from your salary then the amount so paid by the company will be taxable in your hand as perquisite.
manjunth S
(Querist)
21 March 2016
thank you sanjay guptha
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