Clubbing of income
This query is : Resolved
Pankaj Arora
(Querist)
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
CA PARAS BAFNA
(Expert)
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.
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