Claiming income tax on life insurance policy
This query is : Resolved
18 December 2012
Dear Sir,
One of my client got one LIC policy from his in-laws where the life insured is his wife and proposer is father-in-law. Now he is paying the premium, can he claim the tax benefit under section 80C.
please clarify.
Thanks in advance.
One of my client got one LIC policy from his in-laws where the life insured is his wife and proposer is father-in-law. Now he is paying the premium, can he claim the tax benefit under section 80C.
please clarify.
Thanks in advance.
18 December 2012
yes, in 80 C there is no mention of proposer, however for 80 D proposer condition is not there, even if proposer is different, person paying premium can cliam the deduction, taking the same view of 80 D, i assume same may be allowed in 80 C as well.
18 December 2012
U/S 80 C premium paid for spouse is allowed for deduction, condition here is that who is paying premium gets deduction in case of husband & wife.
thanks
thanks
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