Exemption u/s 80c
This query is : Resolved
Querist : Anonymous
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
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
CA. Ajay Agrawal
(Expert)
05 September 2012
no.
child can not claim the 80c on the LIP paid on the life of the parents.
child can not claim the 80c on the LIP paid on the life of the parents.
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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