LIC Policy
This query is : Resolved
Saurabh Garg
(Querist)
02 August 2010
Whether an individual can take the Deduction of premium paid on his spouse or his children's even though the Return of Spouse & children's is filing...but the deduction individual want to take instead of spouse & children..
Plz guide...
Plz guide...
02 August 2010
Yes, he can take deductin of LIC Of spouse and children, if he paid premium from his account even if spouse and children are filing return seprately.
Ratan Sharma
(Expert)
02 August 2010
agree with expert.
CA. Pradeep Nayak
(Expert)
02 August 2010
Deduction can be availed u/s 80C if the premium is paid by the assessee on the life of spouse or child even though spouse and children are filing returns separately.
However, both cannot claim the deduction.
However, both cannot claim the deduction.
Saurabh Garg
(Querist)
02 August 2010
Thanx alot sir,
Is it necessary that premium is paid by the assessee through his bank account..
Wat if he paid in cash...???
Is it necessary that premium is paid by the assessee through his bank account..
Wat if he paid in cash...???
Aditya Maheshwari
(Expert)
02 August 2010
Cash payment for LIC is allowable but not in case of mediclaim.
Saurabh Garg
(Querist)
02 August 2010
Thanx Mr. Aditya
But is it necessary that amount of premium paid by an individual for spouse is to be paid through account of indiviual only or it can paid through spouse account...
For claiming benefit of Premium paid of spouse
But is it necessary that amount of premium paid by an individual for spouse is to be paid through account of indiviual only or it can paid through spouse account...
For claiming benefit of Premium paid of spouse
Saurabh Garg
(Querist)
02 August 2010
Thanx Mr. Aditya
But is it necessary that amount of premium paid by an individual for spouse is to be paid through account of indiviual only or it can paid through spouse account...
For claiming benefit of Premium paid of spouse
But is it necessary that amount of premium paid by an individual for spouse is to be paid through account of indiviual only or it can paid through spouse account...
For claiming benefit of Premium paid of spouse
02 August 2010
Benefit will be available to individual from whose account payment is made.
So if paid by wife's account husband can not claim deduction u/s 80C and vice versa.
So if paid by wife's account husband can not claim deduction u/s 80C and vice versa.
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