Lip under section 80c of i.t. act.
This query is : Resolved
CA Sanjay Baheti
(Querist)
12 September 2012
Whether Major Son can claim LIC Premium Payment from his Taxable Income under section 80C of I.T.Act. The Policy is in the name of his Mother.
12 September 2012
An assessee CANNOT claim deduction in respect of premium paid on the life of his parents.
prateek aanchalia
(Expert)
12 September 2012
Any amount that you pay towards life insurance premium for yourself, your spouse or your children can also be included in Section 80C deduction. Please note that life insurance premium paid by you for your parents (father / mother / both) or your in-laws is not eligible for deduction under section 80C. If you are paying premium for more than one insurance policy, all the premiums can be included. It is not necessary to have the insurance policy from Life Insurance Corporation (LIC) – even insurance bought from private players can be considered here
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