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vidya shetty (senior accountant)     25 August 2009

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?



 17 Replies

RAKESH

RAKESH (Almost CA)     25 August 2009

father can claim the deduction
Sumit Jain

Sumit Jain (CA)     25 August 2009

 father can claim deduction

but not son

N.Naveena Maheswara Rao

N.Naveena Maheswara Rao (Assistant manager for accounts)     25 August 2009

 

Father can get the deduction u/s 80c

VARUN

VARUN (PCC STUDENT)     25 August 2009

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

ashish gupta

ashish gupta ( student)     25 August 2009

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

pragati singhal

pragati singhal (NOW A FINAL STUDENT)     25 August 2009

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.

SathikondaA

SathikondaA (Tax Consultant)     25 August 2009

Hello All

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

 

Best Wishes

Sathikonda

Ajay vaghasiya

Ajay vaghasiya (Article Assistant)     25 August 2009

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

Manmohan ACA, CS (Chartered Accountant )     25 August 2009

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

Satish

Satish (CA Final Student)     25 August 2009

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.

CA Rashmi

CA Rashmi (final cleared)     25 August 2009

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.

RATIKA BINDRA

RATIKA BINDRA (STUDENT)     25 August 2009

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

Pradeep Kumar

Pradeep Kumar (Executive - Finance)     25 August 2009

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

 

Boopathy

Boopathy   26 August 2009

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


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