Lic
This query is : Resolved
mohammed akhtar khan
(Querist)
14 March 2014
I AM A STUDENT. MY AGE IS 26YERAS OLD,I HAVE A LIC AND I WAS PAY FIRST LIC WITH MY BANK AACOUNT,
I AM DEPENDENT ON MY FATHER,
MY FATHER IS GOVT. SERVANT HE CAN PAY MY LIC PREMIUM AND HE CAN GET DEDUCTION UNDER 80C OR NOT.
I AM DEPENDENT ON MY FATHER,
MY FATHER IS GOVT. SERVANT HE CAN PAY MY LIC PREMIUM AND HE CAN GET DEDUCTION UNDER 80C OR NOT.
Amol S Joglekar
(Expert)
14 March 2014
Yes, your father can claim deduction in his return.....u/s 80C
14 March 2014
A person can claim His own, His Spouse and his children premium paid
Sandeep Dharar
(Expert)
14 March 2014
Yes he can get deduction u/s 80C.
Akash Barman
(Expert)
14 March 2014
Life Insurance Premiums: Any amount that you pay towards life insurance premium for yourself, your spouse or your children can also be included in Section 80C deduction. If you are paying premium for more than one insurance policy, all the premiums can be included. It is not necessary to have the insurance policy from Life Insurance Corporation (LIC) – even insurance bought from private players can be considered here.
However, the maximum deduction allowed would be 100000 or 20% of the total sum assured .
However, the maximum deduction allowed would be 100000 or 20% of the total sum assured .
CA. ASHWANI MAURYA
(Expert)
15 March 2014
The criteria of Limit Rs. 100000 or 20% of the sum assured has been changed. Be clear for which AY this deduction is being claimed.
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