It section
This query is : Resolved
01 February 2012
Dear Sir/madam,
I have made LIC policies for my parents(both father and mother).I am paying around Rs.9000/- bi anually(total Rs.18000/- per year).My dad or mom are not working since they are my dependents.I was claiming this amount in Income tax rebate in my previous company but in my present company,I do not know whether it is accepted or not.
Now my doubt is,under which section can I claim this amount.
I have made LIC policies for my parents(both father and mother).I am paying around Rs.9000/- bi anually(total Rs.18000/- per year).My dad or mom are not working since they are my dependents.I was claiming this amount in Income tax rebate in my previous company but in my present company,I do not know whether it is accepted or not.
Now my doubt is,under which section can I claim this amount.
01 February 2012
Under section 80C an Individual assessee can claim LIC premium for the following persons only, such as
a policy of insurance on the life of an individual or the spouse or the child of such individual or a member of a Hindu undivided family
so LIC premium for parents not eligible for 80C deduction
a policy of insurance on the life of an individual or the spouse or the child of such individual or a member of a Hindu undivided family
so LIC premium for parents not eligible for 80C deduction
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