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Deduction in Sec 80C

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Raghav (Querist)
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31 March 2010 Dear Sir,

If I have paid to LIC for my parents and policy is in the name of my parents. May I take benefit for this in sec 80C if Parents are depended.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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31 March 2010 NO.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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31 March 2010 No. Because premium paid on the life of self/spouse/child only are covered for deduction under section 80C.

CA. Kishore Choudhary

CA. Kishore Choudhary (Expert)
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31 March 2010 No...but you can take health policy for you parents.

CA Ravi Sisodia

CA Ravi Sisodia (Expert)
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31 March 2010 no

CA Ashok Kumar Sahu

CA Ashok Kumar Sahu (Expert)
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01 April 2010 agree with expert

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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01 April 2010 no

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