tax benefit on group term life insurance

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

29 January 2011 Dear Sir/Madam,
Please, , need ur help
is there any tax benefit in case of premium paid by emloyees towards Group Term Life Insurance(GTLI).

Its Urgent

Guest

Guest (Expert)

29 January 2011 In my opinion, insurance premium paid to effect or to keep in force an insurance on the life of assessee etc. will be eligible u/s 80C whether it is paid singly or jointly if the insurance premium is defined for the assessee etc.

Querist : Anonymous

Querist : Anonymous (Querist)

30 January 2011 Sir, thanks for your reply,
but group term insurance is an accidental coverage, and hence there is no tax benefit,
actually i had asked to many peoples some said is is eligible fr deduction some says it is not.
i am got confused , is there any setion or provision which defines it clearly.

Guest

Guest (Expert)

30 January 2011 You may refer sec. 80C(2)(i) which does not debare group insurance. Morever, by various circulars, CBDT has also allowed deductions of many group insurances

Querist : Anonymous

Querist : Anonymous (Querist)

02 February 2011 thnaks sir

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok