For lic deduction


This query is : Resolved 

Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
06 January 2016 Sir, I want to know that a person has many LIC like his own name, his wife's name, his son's name and his married daughter's name and unmarried daughter's name. Total Asurance value is 7,00,000 /-. Premium paid yearly total 18,000 /- He has taken all his LIC after 2012. Please tell me how much amount he will get deduction and who are eligible for deduction? His income is taxable. If he has LIC for his parents then will he get deduction?

Please kindly reply anyone.

06 January 2016 He will not get deduction in respect of the premium paid on the policies of his parents.
.
Life Insurance premium paid on the policies of self, spouse and any child (married/unmarried/minor/major is eligible for deduction U/s 80C max. upto Rs. 150000/ for the Ay 2015-16 .

Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
06 January 2016 Thank Your for reply


You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now



Similar Resolved Queries


loading


Unanswered Queries



CCI Pro



Answer Query



Company
ARTICLESHIP 22 October 2026
Articleship intern

Srinath Manikanta

Hyderabad

CA Inter

View Details
Company
15 October 2026
Senior Accountant

Continental Belting Pvt Ltd

Mumbai

B.Com

View Details
Company
14 October 2026
Asst. Manager/Dy Manager (Costing)

manufacturing

Pune

CMA

View Details
Company
14 October 2026
GST & TDS ASSISTANT

AGGARWAL SANJAY & ASSOCIATES

New Delhi

B.Com

View Details
Company
16 October 2026
CA article trainee

Zerdi & Co. Chartered Accountants

Pune

CA Inter

View Details
Company
12 October 2026
Finance

I-Genext Consulting Private Limited

New Delhi

CA

View Details
Company
ARTICLESHIP 23 October 2026
Articled Trainee

J Y & CO

Hyderabad

CA Inter

View Details
Company
ARTICLESHIP 20 October 2026
CA ARTICLE

AMKN & CO

Noida

CA Inter

View Details