Income TAx

This query is : Resolved

Preethi (Querist)
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28 July 2010 My husband and myself are working for the same private limited company. My CTC structure is not near to the tax slab being women, but my husband's is very near. We both get Form 16. I wanted to know whether my husband can show the Life Insurance in my name under his section 80C or is it not possible?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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28 July 2010 No. Any amount that you pay towards life insurance premium for yourself, your spouse or your children can be included in section 80C deduction. LIC premium deduction is available u/s 80C to individual making the payment.

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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28 July 2010 If the premium is paid in cash, this can be included in your husband's 80C. In case of other mode of payments, only person making the payment can get the benefit.

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