Deduction u/s 80 c
This query is : Resolved
26 February 2015
I am working in a School as Accounts professional need some clarifications for deductions u/s 80C:
a) Can an individual claim deduction for LIP for a policy in spouse name but premium paid by that individual.
b) Premium paid by spouse for a policy in the name of his name.
Is there any declaration required from employee.
Also please give the references if any.
a) Can an individual claim deduction for LIP for a policy in spouse name but premium paid by that individual.
b) Premium paid by spouse for a policy in the name of his name.
Is there any declaration required from employee.
Also please give the references if any.
26 February 2015
Hai Azad,
You can claim exemption for the premium paid for the LIP whether in the name of yourself or your spouse. But you can NOT claim exemption for any premium paid by your spouse.
You also have to submit document(Receipt) to your employer regarding premium paid by you.
You can claim exemption for the premium paid for the LIP whether in the name of yourself or your spouse. But you can NOT claim exemption for any premium paid by your spouse.
You also have to submit document(Receipt) to your employer regarding premium paid by you.
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