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Deduction of lic premium

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Querist : Anonymous

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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.
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CA Sripal Jain

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CA Sripal Jain (Expert)
13 September 2012 yes you can claim as deduction
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CA Sripal Jain

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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
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CA Ayush Agarwal

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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.
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CA Sripal Jain

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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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