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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GSTR-1A How to update Invoice
- Excess salary payment.
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- TDS on Purchase of Immovable Property by NRI from NRI
- Capital gain from sale of house property
- Stamp Paper for partnership firm change new income tax 2025
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- SFT Cash Deposit in Current Account
- FORM 26A APPLICABILITY
- Value of property in capital gain
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
