Deduction u/s 80 c
This query is : Resolved
AKASH UBVEJA
(Querist)
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.
AKASH UBVEJA
(Querist)
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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