LIC Premium

This query is : Resolved

Ashok Pawar (Querist)
Follow

20 April 2011 My father is retired and he has LIC policy of which I am paying premium amount of 10000 yearly. Can I consider the same as investement for income tax calculation.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

20 April 2011 No. As a corollary to section 80C(4)(a) of the Income tax Act,2011 you can't enjoy such a benefit.

Ashok Pawar

Ashok Pawar (Querist)
Follow

20 April 2011 But as per section, LIC premium paid by the taxpayer for insurance policy on own life, spouse life and life of any children (Child may dependent, independent, married or un married) & incase of HUF the policy can be any member of the family can be consider for Tax calculation. In this case what is defination of HUF?

Surrender

Surrender (Expert)
Follow

21 April 2011 HUF of your father, with him being the Karta, would have you and other children as members / co-parceners; Your HUF can not have your father as member !

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

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

RADHAKRISHNAN A R

madhuseshu yathirajam

Ashif Cheenikkal

SHRI HARIRAO

J.Vijai

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

GST CONSULTANT

GST CONSULTANCY

Manager- Finance and Compliance

Accountant

CA Final