Entitlement of Deduction U/s. 80C
This query is : Resolved
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.
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
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
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
(Expert)
22 February 2010
No.cannot be claimed for parents,brothers,sisters premium under sc.80C
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