lic deductions

This query is : Resolved

ATIT D SHAH (Querist)
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11 October 2008 payment of lip has been made from the bank of assesse, but the policy was in name of his wife, so can we calim this lip as deduction in her wife. Actually payment was made from the assesse's account, so is payment condition necessary for claiming the deduction.

CA RAMESH KUMAR AHUJA

CA RAMESH KUMAR AHUJA (Expert)
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11 October 2008 Yes, deduction is allowable

Ravikumar.G

Ravikumar.G (Expert)
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11 October 2008 Self, Spouse, Child

CA V. Mohanakrishnan

CA V. Mohanakrishnan (Expert)
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11 October 2008 payment made towards policies in the name of self , child and spouse is acceptable for deduction

CA. Rayan Sequeira

CA. Rayan Sequeira (Expert)
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12 October 2008 yes its allowed provided you have made the p;ayment towards Self, Spouse, Child

CA. O.P. Agarwalla

CA. O.P. Agarwalla (Expert)
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14 October 2008 I think the query is:- Wife's LIP has been paid by Husband. Whether wife can claim deduction u/s. 80C?
If this is the question, reply seems to be in NO, unless and otherwise it can be established thatwife has reimbursed/ repaid the amount to the Husband in same year.