U/S 80C
This query is : Resolved
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?
Akhil Agrawal
(Expert)
23 July 2010
Yes it will be available, If X pays for himself, spouse , children & dependent Parents that it is allowed
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.
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.
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
26 July 2010
Yes. Allowable
CA Ravi Sisodia
(Expert)
26 July 2010
yes available
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