LIC WEALTH PLUS PLAN - COVER U/S 80C

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 February 2011 ON 08-05-2010, MY SPOUSE HV INVESTED 1 LAC IN LIC'S WEALTH PLUS PLAN, SINGLE PREMIUM, FUND TYPE - I GROWTH, UNITS ALLOTED 9437.104 @ NAV Rs. 10.00. LIFE COVERAGE Rs. 1.30 LACS +ACCIDENT BENEFIT COVERAGE Rs. 1.30 LACS, PREMIUM RECEIPT SHOWS PREMIUM AMOUNT AS NIL. POLICY MATURITY 8 YEAR'S HIGHEST NAV.
THUS CONFUSING PART IS THAT IS THIS POLICY COVER UNDER TAX REBATE. CAN I TAKE REBATE OF THIS INVESTMENT UNDER ?

FURTHER PAYMENT MADE BY MY SPOUSE WHOSE INCOME IS BELOW TAXABLE LIMIT, MYSELF IS COVERED UNDER TAXABLE LIMIT, I HAVE REPAID WHOLE AMOUNT IN 4 INSTALLMENTS TO HER, CAN I TAKE REBATE OF SUCH PAYMENT IN MY COMPUTATION.
PLS ADVICE. THANKS

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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23 February 2011 No You can not claim the deduction u/s 80C. Only the payee can claim, i.e. you spouse. It does not matter whether the policy is in your name or in the name of your spouse but the one who pays the premium can claim deduction.

Deduction u/s 80C available for the Ay 2011-12 will be Rs 26000/- i.e. lower of Premium paid and 20% of sum assured.

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