who will get deduction under 80 c ?
This query is : Resolved
19 July 2010
Mr. A > Son,(Salary income only)
Mr. B > Father
If Mr. A( already a income tax payer for salary income )
takes a life insurance policy and premium of which is paid by Mr. B ( father )
No clubbing of income is applicable as Mr. B is a business man having biz income
My query is >
1. Who can claim Dedcution for the premium paid under section 80 c ?
2. In other CASE ,if Rs.2500 premium is paid by Mr. A and Rs.2500 premuim by Mr. B , Who will get deduction under sextion 80 cand of how much amount ?
Mr. A > Son,(Salary income only)
Mr. B > Father
If Mr. A( already a income tax payer for salary income )
takes a life insurance policy and premium of which is paid by Mr. B ( father )
No clubbing of income is applicable as Mr. B is a business man having biz income
My query is >
1. Who can claim Dedcution for the premium paid under section 80 c ?
2. In other CASE ,if Rs.2500 premium is paid by Mr. A and Rs.2500 premuim by Mr. B , Who will get deduction under sextion 80 cand of how much amount ?
19 July 2010
AS PER SECTION 80C LIC PREMIUM CAN BE PAID FOR THE CHILDREN WHETHER DEPENDENT OR NOT SO MR. B WILL CLAIM THE DEDUCTION OF 80C FOR THE LIC PREMIUM PAID FOR MR.A IT DOES NOT EFFECT THAT MR. A IS INDEPENDENT
IN SECOND QUERY MR.A WILL CLAIM 2500 AND MR.B WILL CLAIM 2500 U/S 80C
IN SECOND QUERY MR.A WILL CLAIM 2500 AND MR.B WILL CLAIM 2500 U/S 80C
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