LIC Policy

This query is : Resolved

Saurabh Garg (Querist)
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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...

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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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

Ratan Sharma (Expert)
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02 August 2010 agree with expert.

CA. Pradeep Nayak

CA. Pradeep Nayak (Expert)
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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.

Saurabh Garg

Saurabh Garg (Querist)
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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...???

Aditya Maheshwari

Aditya Maheshwari (Expert)
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02 August 2010 Cash payment for LIC is allowable but not in case of mediclaim.

Saurabh Garg

Saurabh Garg (Querist)
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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

Saurabh Garg

Saurabh Garg (Querist)
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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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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.

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