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Exemption u/s 80c

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Querist : Anonymous

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Querist : Anonymous (Querist)
05 September 2012 Dear Sir,
I am a student and my mother is a homemaker.My father and my elder brother are earning.My question is,if my brother pays LIC premium for all family member,will he be able to claim exemption, on LIC premium paid, under section 80C.

Thanks
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CA. Ajay Agrawal

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CA. Ajay Agrawal (Expert)
05 September 2012 no.
child can not claim the 80c on the LIP paid on the life of the parents.
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K Srinivas, CMA CS

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K Srinivas, CMA CS (Expert)
05 September 2012 Ajay Agarwal is correct. Deduction for life insurance premium is available only on premium paid for self, spouse or child
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