Deduction u/s 80c
This query is : Resolved
05 March 2010
I am 37 years old and earning taxable income. My father age is 75 years and also has taxable income. My query is if I get insurance in my name and premium paid my father. Can My father claim deduction u/s 80C on the premium paid by him on my policy. Please advice
05 March 2010
Dear Ashok,
Your father cannot claim deduction u/s 80C on LIC premium paid by him on your policy as you are an independent child. It would have been allowable only if you were dependent child.
Your father cannot claim deduction u/s 80C on LIC premium paid by him on your policy as you are an independent child. It would have been allowable only if you were dependent child.
05 March 2010
In 80 C assessee can claim deduction of premium paid for insurance of himself , spouse and his children ( Dependent or independent dosent matter)
So in your case your father can take exemption .
So in your case your father can take exemption .
05 March 2010
Agree with Mr.Robin for claiming Sec.80 Insurance premium need Son/Doughter ( Dependent or Independent , Married or Un married ) can be claimed by a Assessee
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