Lic premium for director paid by co.
This query is : Resolved
24 July 2012
>>> if LIC premium for director paid by pvt. ltd. co. then what will be the tax implications?????? >>> whether a director can claim deduction for such premium under section 80 C?
>>> whether such premium paid by company on behalf of director be included in total income of director as perquisites?
>>> is it possible for such director to claim deduction U/s 80 C under the computation of total income of his (director) HUF?
pls. clarify the above qureies.....
thanks in advance......
>>> whether such premium paid by company on behalf of director be included in total income of director as perquisites?
>>> is it possible for such director to claim deduction U/s 80 C under the computation of total income of his (director) HUF?
pls. clarify the above qureies.....
thanks in advance......
24 July 2012
LIC premium paid by the company on behalf of director, need to be included as taxable perquisite of Director, the same can be claimed by director u/s.80C
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25 July 2012
thanks for reply, but is it possible for director to show it under the return of his HUF???
25 July 2012
In your case HUF cannot take that claim, since it is paid by employer of the assessee, he only can take that benefit. HUF can claim only paid by HUF on behalf of any member.
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