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U/S 80C

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(Querist)
22 July 2010 Mr. X pays Premium for Rs. 5000 in the name of his son and Rs. 4000 in the name of his daughter. Will he get the deduction u/s 80C?
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Akhil Agrawal

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Akhil Agrawal (Expert)
23 July 2010 Yes it will be available, If X pays for himself, spouse , children & dependent Parents that it is allowed
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
23 July 2010 Life Insurance Premiums Deduction U/s 80C


Any amount that you pay towards life insurance premium for yourself, your spouse or your children can be included in section 80C deduction.


If you are paying premium for more than one insurance policy, all the premiums can be included. Besides this, investments in unit-linked insurance plans (ULIPs) that offer life insurance with benefits of equity investments are also eligible for deduction under Section 80C.
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CA.ViVeK M ACA

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CA.ViVeK M ACA (Expert)
23 July 2010 Yes allowable But there is a limit of 1 lakh..If you had availed any other deduction allof which need not exeed Rs 1 Lakh
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CA Shailesh +91 9393926464

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CA Shailesh +91 9393926464 (Expert)
26 July 2010 Yes. Allowable
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CA Ravi Sisodia

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CA Ravi Sisodia (Expert)
26 July 2010 yes available
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