LIC U/S 80C

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This query is : Resolved

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This discussion clarifies the rules for claiming deductions under Section 80C of the Income Tax Act, specifically regarding LIC premiums. It highlights that only the individual who pays the LIC premium can claim the deduction. The scenario presented, where a wife claims deductions for her husband's LIC payments, is incorrect. This is a common oversight that tax professionals should guide their clients on.

raghavendra b

raghavendra b (Querist)
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08 January 2021 DEAR SIR,

SOME ONE FILED INCOME TAX RETURNS OF HIS CLIENT HE SHOWN HUSBAND IS SALARIED EMPLOYEE HIS WIFE IS TAILOR, HUSBAND IS NOT FILING INCOME TAX RETURNS, BUT HE HAS PAYING LIC MORE THAN 1LAKHS RUPEES. AUDITOR FILED WIFE INCOME TAX RETURNS CLAIMED HUSBAND LIC AND OTHER DEDUCTIONS IS WIFE NOT PAYING ANY LIC AND OTHER INVESTMENTS.

HE FILED INCOME TAX RETURN CORRECT OR WRONG

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