Deduction u/s 80c
This query is : Resolved
CA Shyam Agarwal
(Querist)
03 March 2016
Respectable Experts
If a person (sr. Citizon) wants to take deduction of 80C for Rs. 150000/- but Insurance policy wants to take with the name of grand son, and wife of grand son. can he do so and avail the benefit of u/s 80C.
If a person (sr. Citizon) wants to take deduction of 80C for Rs. 150000/- but Insurance policy wants to take with the name of grand son, and wife of grand son. can he do so and avail the benefit of u/s 80C.
CA R SEETHARAMAN
(Expert)
03 March 2016
80 c deduction not available on insurance policy taken on grand son and grad son's wife.
Amol S Joglekar
(Expert)
03 March 2016
The individual: the wife or husband and any child of such individual. Child does NOT include grand child. So one can NOT avail the deduction for grandson's policy.
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