Deduction u/s 80 c

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AKASH UBVEJA (Querist)
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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?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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04 March 2014 Yes deduction can be claimed by both. Ensure that the cheque is given from respective accounts.

AKASH UBVEJA

AKASH UBVEJA (Querist)
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04 March 2014 yes, checque is given from respective account, but i was told that two person cannot claim on one policy. please explain

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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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.

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