Treatment of LIC payments
This query is : Resolved
24 March 2009
I am paying LIC premiums of my wife from my bank account I want to know can I claim that amount as a deduction u/s 80 c in my Income Tax return. My wife is also filing Income Tax returns.
Thanks.
Thanks.
24 March 2009
you can claim
Message likes :
1 times
26 March 2009
Under Sec. 80C, deduction is allowable even if the individual pays LIC Premium of his/her Spouse & children dependant on him.
It is immaterial whether the payment is made from his funds or his/her spouse funds.
Further, if your spouse is also filing his/her IT return, it is at the option of him/her to claim it in their return or through your return.
It is immaterial whether the payment is made from his funds or his/her spouse funds.
Further, if your spouse is also filing his/her IT return, it is at the option of him/her to claim it in their return or through your return.
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