18 March 2010
Can anyone get deduction u/s 80c, if he/she paid LIC Premium on behalf of his/her brother who is major (18+). I have taken few lines from ready reckoner which are mentioned below. Will it same applicable for his/her brother? i.e. he/she can not claim deduction u/s 80c.
Any amount that you pay towards life insurance premium for yourself, your spouse or your children can also be included in Section 80C deduction. Please note that life insurance premium paid by you for your parents (father / mother / both) or your in-laws is not eligible for deduction under section 80C.
Only expert Chartered Accountants should give the answer of this query.
CAclubindia
