Life insurance of partners
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
31 August 2011
Can a partnership firm claim premium of life insurance of partners, if firm has paid on behalf of partners.
Also whether the induction in the firm from partners in the form of cash is allowed ??
Also whether the induction in the firm from partners in the form of cash is allowed ??
CA Hardik Bunha
(Expert)
31 August 2011
section 80c not applicable to firm......
if firm paid partner's lic then partner in his individual capasity could claim u/s 80c. no matter whether it is paid in cash or cheque.
if firm paid partner's lic then partner in his individual capasity could claim u/s 80c. no matter whether it is paid in cash or cheque.
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