20 June 2011
Respected sir my question is that if in a family all are tax payers can they invest in lic policy or other investment and can take the deduction on behalf of others as all are tax payers filling sepret treturn investment
20 June 2011
If the tax payer is having sufficient income to pay the lip premium then he should only claim the same others cannot. (Yardstick is the compare the policy amount with that of income. If it is less than or equal to 10% then the tax payer only can claim). If the preium is more and he do not have sufficient earnings to pay then only other member ie father or mother can claim the deduction provided they pay from their account.
20 June 2011
In a family of of Father , Mother and their minor/major children LIC premium can be paid in the following manner- Father: can pay LIC Premium of All. Mother: can pay LIC Premium of All. In the absence of any guidelines in the Act, the premium can be paid in the above manner. each Children Can pay premium on his own life policies.. In Medi-claim policies, any one can pay premium for all.
However, in all cases benefit of deduction will be available to the eligible person if he makes payment from his account.
26 June 2011
Respected sir one limited company collecting from general public an amount for investment in to dairy and cattle and after a certain period they refund the expected return in the mode of cattle or dairy product or equal amount at that time
my question is that will the company can do this type of business as MOU permit if no please give the ruling if yes please also provide guidelines
CAclubindia
