Deduction for Parnets Life Insurance Policy
This query is : Resolved
04 February 2011
Hi,
I want to know whether can i claim deduction if premium of life insurance for parents paid by me.
Can i claim deduction u/s 80C from my income?
I want to know whether can i claim deduction if premium of life insurance for parents paid by me.
Can i claim deduction u/s 80C from my income?
04 February 2011
No, premium paid on parents' life insurance policy is not deductible u/S 80C. Policy can be taken in the name of self, spouse, child (child may be married/ unmarried, dependent/independent)
04 February 2011
Concurring with the observation of Balga Ji,deduction is not permitted as a corollary to section 80C(4)(a)(i) of the Income tax Act,1961.
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