Lic paid by son for himself , can father take 80c credit
This query is : Resolved
29 August 2015
LIC and PPF paid by son for himself, Now can the question is can Father take credit of the same u/s 80C?
29 August 2015
80 C deduction is given to the payment made out of income chargeable to tax.
So? Paid by son and deduction to father is NOT possible.
paid for son by Father and deduction to father is possible.
So? Paid by son and deduction to father is NOT possible.
paid for son by Father and deduction to father is possible.
29 August 2015
Amol Ji
80C payments need not be 'out of income chargeable to tax'.
Citation:- Goutham Reddy Vs. ITO (2013) 6 TMI 378 ( Cochin- Tri).
80C payments need not be 'out of income chargeable to tax'.
Citation:- Goutham Reddy Vs. ITO (2013) 6 TMI 378 ( Cochin- Tri).
29 August 2015
Yes, you are right.
80 C (2) The sums referred to in sub-section (1) shall be any sums PAID or DEPOSITED in the previous year by the assessee
80 C (2) The sums referred to in sub-section (1) shall be any sums PAID or DEPOSITED in the previous year by the assessee
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