deduction under sec 80c

This query is : Resolved

amit goel (Querist)
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06 February 2010 I have purchased a children plan from axis bank. can my father pay the premium and get deduction under 80c

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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06 February 2010 My view,Under Sec.80C Only Spouse,Daughter,Son policy premiums payment can be taken as deduction.so your father cannot take deduction for your children

amit goel

amit goel (Querist)
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06 February 2010 Thanks sir
But I am insured in that policy.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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06 February 2010 For your children policy always you can claim u/s.80C

BALASUBRAMANYA B N

BALASUBRAMANYA B N (Expert)
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07 February 2010 Any contribution to premium paid for Life Insurance policies, e.g. LIC policies, is eligible for income tax deduction under Section 80C. Note that apart from premium of your own policie's premium paid for Life Insurance policies of your spouse (wife/husband) or your children is also eligible for exemption under Section 80C. Income tax tip: If you and your wife/husband both have LIC policies, and your spouse's taxable income is in the lowest slab (i.e. he/she has does not have to pay income tax anyway) then you can show both your and your spouse's LIC premium and get more benefit of deduction under Section 80C.

CA.ViVeK M ACA

CA.ViVeK M ACA (Expert)
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07 February 2010 Agreed

CA Prashant Gupta

CA Prashant Gupta (Expert)
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07 February 2010 Policy should be in personal name, spouse name or children name. So your father is not allowed to take deduction u/s 80C. You are also insured by this policy doesn't change the nature of policy.