Clubbing of income
This query is : Resolved
26 July 2011
In a case when LIP is taken in the name of minor child, can the parent in whose income, income of minor child is clubbed claim the deduction of such LIP.
If yes, then, whether the deduction shall be within the limit of Rs. 100000/- or it is in excess of the limit of Rs. 100000/-.
Thanks
If yes, then, whether the deduction shall be within the limit of Rs. 100000/- or it is in excess of the limit of Rs. 100000/-.
Thanks
26 July 2011
It is not necessary that the deduction can be claimed by only that parent in whose income minor's income is clubbed.
If another parent pays premium in respect of minor's LIP, that can can also claim deduction U/s 80C.
As it is based on payment.
Deduction U/s 80C is allowed max. upto 1.00 lac only.
If another parent pays premium in respect of minor's LIP, that can can also claim deduction U/s 80C.
As it is based on payment.
Deduction U/s 80C is allowed max. upto 1.00 lac only.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- House Property Reporting in ITR
- TDS Claim year
- Relief u/s Section 89
- Rent lease agreement
- TDS Challan Code
- Merchant Export Accounting
- Supply through E-commerce Operators
- STCG on ETF gold & silver
- If there is Long term capital gain exists how much total income to be considered
- Lease agreement and tax on sale
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
