Deduction of lic premium
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 September 2012
Dear Experts,
I paid LIC premium for Rs. 50000/- during the year in my name. This year I haven't taxable income in my hands but my wife has taxable income. Can she be entitled for deduction on the LIC premium paid by me.
Thanks for your time.
I paid LIC premium for Rs. 50000/- during the year in my name. This year I haven't taxable income in my hands but my wife has taxable income. Can she be entitled for deduction on the LIC premium paid by me.
Thanks for your time.
CA Sripal Jain
(Expert)
13 September 2012
yes you can claim as deduction
CA Sripal Jain
(Expert)
13 September 2012
one important point is you can pay for your wife and spouse and claim deduction ,buti n your case your wife havent paid ,so she wil not be entitled
CA Ayush Agarwal
(Expert)
13 September 2012
Deduction is Available to Who Paid.
Since Paid by You, So Deduction is Not Available to Your Wife.
Since Paid by You, So Deduction is Not Available to Your Wife.
CA Sripal Jain
(Expert)
13 September 2012
Ayush is correct ,havign said that its always better do tax planning in this cases
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