Lic premium for director paid by co.

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tejas (Querist)
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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......

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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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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tejas

tejas (Querist)
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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???

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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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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