Lic premium paid by employer for employee

This query is : Resolved

SUNIL KUMAR PATTUVAKKARAN (Querist)
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28 June 2018 ABC( Firm-employer) "R" (Employee)
Employer paid LIC premium for "R"

My query is: (From the part of Employer)
1) Can Firm(employer) show it as expense.
2)If yes, under which head it can show?

My Query( from the part of Employee)
1)Is it , taxable perquisite of employee ?
2)Can it, claim under 80C

Sir, kindly give a detailed reply the effect in the both side...
Thanks in advance.

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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28 June 2018 If employer pay LIC on behalf of employee the same will be taxable in the hands of employee as perquisit to be added to salary,once it taxed it can be claimed by employee as 80C.

SUNIL KUMAR PATTUVAKKARAN

SUNIL KUMAR PATTUVAKKARAN (Querist)
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29 June 2018 What effect in the part of employee....Not answered for the first part?

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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30 June 2018 Employer any thing paid for on behalf of employee it will be salary and considered as exps.

Employees - LIC paid by employer on his behalf without deduction from salary is considered as perks taxable in the hands of employee.
Once it is considered as taxable same can be claimed under 80C

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