80C deduction

LIC payment qualifies for 80C deduction. I want to know whether the amount should be actually paid by the assessee. Suppose father paid the LICof his Son, Who will get the deduction whether father or son ? Since son has not made his LIC payment will he lose out on 80C deduction in computation of his income?

Replies (17)
father can claim the deduction

 father can claim deduction

but not son

 

Father can get the deduction u/s 80c

deduction can be claimed by Father. ......

Yes, premium has to be paid by the assessee. father can claim the deduction.

For claiming deduction u/s 80C, Policy can be taken in the name of individual, spouse, or any child (whether dependent, independent, married or unmarried). So deduction can be claimed by father.

Hello All

Please refer sub-section (4) of Section 80C.

 

Best Wishes

Sathikonda

As per Income Tax Act any assess paid LIC on behalf of his\her Spouse Children can clim as Deduction u\s.80C

As per Income Tax Act any assess paid LIC on behalf of his\her Spouse Children can clim as Deduction u\s.80C

I agree with Pragati Singhal. Please note that any Life Insurance premium paid by son on life of his parents whether dependent or not is not deductible under section 80C. On the contrary, Father can claim deduction under that section for LIP paid on life of himself, his spouse & children whether or not they are dependent.

deduction can only be claimed by person who pays the LIC, benefit can be claimed if paid for self,spouse or children.

so,the father can claim the benefit  inspite of dat if son pays for father he can't claim d benefit bcoz benefit not available on life of parents.

FATHER WILL GET THE DEDUCTION u/s 80C...............................................

FATHER WILL GET THE DEDUCTION u/s 80C........

 

A person who makes the payment on behalf  of family only  can claim the deduction u/s 80 c.

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