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Deduction u/s 80c

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(Querist)
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
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
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.
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CA Robin Betala

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CA Robin Betala (Expert)
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 .
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
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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