Entitlement of Deduction U/s. 80C

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Mohit (Querist)
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22 February 2010 Please tell whether deduction u/s. 80C is available to the married individual if he pays insurance premium for the benefit of his parents or brother or sisters.

CMA. Dinesh S Adhikari, ACMA

CMA. Dinesh S Adhikari, ACMA (Expert)
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22 February 2010 If he is paying Life Insurance Premium for his parents, brother, sisters then deduction is not available to him u/s 80C.

However, if it is medical insurance premium then he can claim deduction premium paid for his parents only(u/s 80D).

Regards!!!
Dinesh S. Adhikari

Mohit

Mohit (Querist)
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22 February 2010 Thanks Dinesh. Also, if he is unmarried, he can claim exemption for life insurance premium paid by him on behalf of his parenets, brother & sisters.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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22 February 2010 No.cannot be claimed for parents,brothers,sisters premium under sc.80C

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