LIC PREMIUM

This query is : Resolved

SURESH KUMAR P (Querist)
Follow

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..........?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

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.

SURESH KUMAR P

SURESH KUMAR P (Querist)
Follow

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

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Aniruddha Mody

Rampal Saini

Jitin Aditya Kapur

Amirthalingam

George Innocent

Subscribe Now

LIC PREMIUM

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA