LIC Premium
This query is : Resolved
Ashok Pawar
(Querist)
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.
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
(Querist)
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?
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 !
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