deduction u/s 80 C

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 September 2010 if in the F.Y. 09-10, father has taken a life insurance for his three independant , major ,children and paid the insurance. Father has taken a deduction of this amount u/s 80 C. Now in the F.Y.10-11, children wants to make payment from their own accounts. Please advise if children pay amount from their accounts, whether the childern get the benefit u/s 80 C for their payment of insurance premium??plz advise me its urgent...

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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07 September 2010 yes, who is making actual payment in case of Spouse and children can be take 80C benefit

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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07 September 2010 yes. who is makeing actual payment they can take deduction in case of spuose, children

Querist : Anonymous

Querist : Anonymous (Querist)

08 September 2010 thank u very mch for your promt reply. u said that who is making actual payment can take the deuction in case of spouse and children. that menas that even if the policy taken by father, one premiunu is made by father, and from the next year if the children makes payment, they get the deuction u/s 80 c??

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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09 September 2010 sorry for the correction in my reply,sec 80 C Insurance premium will be allowed only policy taken for spouse and children, the actual payer can take deduction. but the childrens paid for parents cannot be clamied by children

Querist : Anonymous

Querist : Anonymous (Querist)

10 September 2010 thanks for ur reply....but m asking that if father has taken a policy for his children. In the first year father has paid the premiun. now in the next year children wants to pay from their own accounts...if they from their accounts whether they will get the deduction???

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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10 September 2010 As Son or Daughter, they cannot take deduction under section 80 C for the premium paid for their parents. beacuse 80C not allowed for that except Medical/health insurance premium u/s.80D

So children cannot take that benefit even they paid from their own accounts

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Querist : Anonymous

Querist : Anonymous (Querist)

10 September 2010 ok...thanks...

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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11 September 2010 welcome

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