Lic
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 March 2012
sir,
1) if lic is made in the name of wife. can the husband take its credit in his return under 80c deductions?
2) can husband show his wife assets like jeweleries & ornaments in his balance sheet?
kindly help me over this issues.
1) if lic is made in the name of wife. can the husband take its credit in his return under 80c deductions?
2) can husband show his wife assets like jeweleries & ornaments in his balance sheet?
kindly help me over this issues.
06 March 2012
Deduction u/s 80C is allowed for payment of life insurance premium on the life of the individual himself or his spouse.
So, an individual can claim deduction of life insurance premium paid towards a policy of his wife.
So, an individual can claim deduction of life insurance premium paid towards a policy of his wife.
Ravi Jhamb
(Expert)
06 March 2012
Remember Only one person can take exemption in 80C.Your personal assets is different from your business.so you can not add in your Balance Sheet
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