Deduction under section 80c
This query is : Resolved
16 July 2015
Hi,
My client's wife pays premium payments of LIC policy which is in her name. Her income is below tax limit. Can my client claim that payments as his deduction under 80C?
My client's wife pays premium payments of LIC policy which is in her name. Her income is below tax limit. Can my client claim that payments as his deduction under 80C?
16 July 2015
Any amount that your client pay towards life insurance premium for himself, his spouse or his children can be included in Section 80C deduction. In his case his wife has paid her life insurance premium. However, her total income is below taxable limits so, she cannot claim the deduction u/s 80C.
In such case, the deduction u/s 80C cannot be transferred to your client. To be eligible for this deduction, your client has to pay the premium of his wife’s policy, instead of paying by his wife.
In such case, the deduction u/s 80C cannot be transferred to your client. To be eligible for this deduction, your client has to pay the premium of his wife’s policy, instead of paying by his wife.
17 July 2015
amount paid by wife for lic prem cannot be claimed by husband under present income tax act as deduction
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