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U/s 80c

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Querist : Anonymous

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Querist : Anonymous (Querist)
09 July 2012 Hi,

I have LIC policies in my name. My wife has made all the payments for the same during the year. Can i claim the benefit u/s 80C for the same.

Regards
Anish Modi
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
09 July 2012 No you can not claim as your wife has paid the premium. Deduction is available to the person who pays the premium.

Way out:
1) In case payment has been made in cash you can claim showing as payment made by you.
2) If paid by cheque then show it as loan taken from your wife for making the payment and then make the payment back to your wife's account.
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