Deduction u/s 80c (lic)

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This query is : Resolved

TUSHAR SHANKAR SHRIGADI (Querist)

02 February 2013 Excess LIC Payment paid by Husband For E.g Rs 2 Lac can we claim under his own Return and wife returns as benefit u/s 80 C for Rs. 1 lac on each return
Please give reply ASAP

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

02 February 2013 Deduction can be claimed by the person who has paid the amount.
.

Pankaj Gupta

Pankaj Gupta (Expert)

02 February 2013 Cannot understand your query. pls explain properly.

TUSHAR SHANKAR SHRIGADI

TUSHAR SHANKAR SHRIGADI (Querist)

02 February 2013 Husband Paid Rs.2 lac his own LIC premium from his own account but Wife Paid only Rs. 10000
Than in Husband Return Deduction is Allowed only Rs. 1 lac as per 80 C
And in Wife Return Deduction is Allowed only Rs. 10000 as per 80 C
But can I take Balance Rs. 1 lac of Husband's LIC in Wife return by Showing Loan in his Balance Sheet
And Claim Rs. 1 lac in each returns as benefit u/s 80 C

Pankaj Gupta

Pankaj Gupta (Expert)

03 February 2013 Husband can claim 100000 while the wife can claim 10000 only. There is no way possible through which you can claim the remaining 100000 Rs. The fact that the husband gives a loan to the wife is not a condition for claiming deduction under section 80c.

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