banner_ad

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.
Profile Image

CA PARAS BAFNA

Profile Image

CA PARAS BAFNA (Expert)
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


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
08 May 2026
CHARTERED ACCOUNTANT

SHAH LADHA AND ASSOCIATE

Ahmedabad

CA

View Details
Company
29 May 2026
Accounts assistant

Shubh Consultancy

Mumbai

Graduate (Any)

View Details
Company
ARTICLESHIP 15 May 2026
ARTICLE ASSISTANT, TRAINEE AND PAID ASSISTANT

YOGESH KAPOOR AND ASSOCIATES

New Delhi

B.Com

View Details
Company
29 May 2026
Company Secretary - Part time

Shaswat initial support private limited

Ahmedabad

CS

View Details
Company
07 May 2026
CA Assistant

amit desai and co

Mumbai

CA Final

View Details
Company
ARTICLESHIP 15 May 2026
Audit Assistant / Article Trainee / Intern

SSGS and Associates

Chennai

CA Inter

View Details
Company
ARTICLESHIP 14 May 2026
CA ARTICLE

PRAVEEN GARG & CO

Faridabad

CA Foundation

View Details
Company
14 May 2026
ICSI Trainees for 21 Months and Semi-Qualified CS

CMNITY HIRE

New Delhi

Others

View Details