Deduction u/s 80 c
This query is : Resolved
04 March 2014
Suppose Mr. A has a Life Insursnce Policy premium amounts to 2 lac . 1 lac was paid by him and other 1 lac was paid from his father's account. now question is whether both can claim deduction u/s 80 c?
04 March 2014
Yes deduction can be claimed by both. Ensure that the cheque is given from respective accounts.
04 March 2014
yes, checque is given from respective account, but i was told that two person cannot claim on one policy. please explain
04 March 2014
The restriction is that 2 persons CANNOT claim the same amount.
For eg. total premium paid is Rs. 1 lakhs. Then 2 persons CANNOT claim Rs. 1 lakhs each.
In your case, the total premium is Rs. 2 lakhs.
1 lakh each is claimed by 2 persons. This is allowed.
For eg. total premium paid is Rs. 1 lakhs. Then 2 persons CANNOT claim Rs. 1 lakhs each.
In your case, the total premium is Rs. 2 lakhs.
1 lakh each is claimed by 2 persons. This is allowed.
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