LIC PREMIUM
This query is : Resolved
12 June 2010
A MINOR HAVING PROPERTY INCOME AND IF HE PAYS LIC PREMIUM FROM THE ABOVE INCOME.
HOW WILL BE THE INCOME BE CLUBBED IN THE HANDS OF THE PARENTS ...........?
AND CAN THE PARENTS CAN CLAIM DEDUCTION IN RESPECT OF THAT THE LIC PREMIUM UNDER 80C.........?
CAN THE MINOR CAN CLAIM IN RESPECT OF THE PREMIMUM..........?
HOW WILL BE THE INCOME BE CLUBBED IN THE HANDS OF THE PARENTS ...........?
AND CAN THE PARENTS CAN CLAIM DEDUCTION IN RESPECT OF THAT THE LIC PREMIUM UNDER 80C.........?
CAN THE MINOR CAN CLAIM IN RESPECT OF THE PREMIMUM..........?
12 June 2010
The amount of income to be clubbed with the parents income is the income before deduction under chapter VIA.
Citation:- ITO Vs. Kuldeep Jain (2002) 81 ITD 379 (Del-Tri).
In view of the above,the minor will not get the benefit of LIC premium.
Citation:- ITO Vs. Kuldeep Jain (2002) 81 ITD 379 (Del-Tri).
In view of the above,the minor will not get the benefit of LIC premium.
13 June 2010
THANK YOU SIR if minor does not get the deduction under 80C can parents get the deduction of LIC premium paid by minor
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