Employer insurance contribution

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

01 March 2013 Dear Sir,

1. Our company is contributed LIC Premium Rs.15,000/- to an employee and Debited 75% of Rs. 11,250/- to his Salary Account & Debited Rs. 3,750/0 to his Advance Account & recovered from monthly salary.

Please advise that whether he can avail Rs. 15,000/- under 80C in his tax filing. LIC Policy is in Employee name.

2. Our Company is contributed Rs. 9000/- to an employee for Medical Insurance and Accounted in Employee Insurance (Expense) Account.

Please advise that whether he can avail Rs. 9,000/- under 80C in his tax in his tax filing. Oriental Policy is in Employee name.

@VaibhavJ

@VaibhavJ (Expert)
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01 March 2013 Hi

Even though policy is in employee name, no amount is removed from employee for Medi. Insurance hence no deduction u/s 80D or 80C.

Deduction w.r.t. Rs. 15000 for LIC is allowed u/s 80C since it is paid by employee through his salary.

Thanks!!

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