Life Insurance Premium paid on Dependent Parents
This query is : Resolved
G.N.V.D.Kiran
(Querist)
25 March 2008
Please clarify Life Insurance Premium paid on Dependent Parents is eligible U/s.80-C or Not if Eligible please mention the details
Vikas Garg
(Expert)
25 March 2008
Life Insurance premium paid on Dependants parents is not eligible u/s 80-C. For this as per Sec 4 only the individual, the wife or husband and any child of such individual.
CA. GOPAL SONIKA
(Expert)
25 March 2008
You will not be able to claim the deduction under Section 80C in respect of the premium paid by you on the insurance of your parents. Section 80C(4) only allows a deduction to be claimed if the premium is paid to insure the individual, the spouse of the individual or any child of the individual. The premium of your parents paid by you cannot be claimed as a deduction though they may be dependent on you.
Devendra Mishra
(Expert)
25 March 2008
Not Eligible
25 March 2008
NOT ELIGIBLE .UNDER SECTION 80C DEDUCTION IS AVAILABLE ONLY IN RESPECT OF PREMIUM PAID FOR HIMSELF ,WIFE AND CHILD OF SUCH INDIVIDUAL
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