the provisions of the section clearly mention the word "payment"
and so only the father and not the son can claim deduction under Sec 80C.
CA Madhumita Binani
(Executive Accounts (SERVICE))
(389 Points)
Replied 26 August 2009
the provisions of the section clearly mention the word "payment"
and so only the father and not the son can claim deduction under Sec 80C.
ca tarun sharma
(SERVICE)
(277 Points)
Replied 27 August 2009
as per section 80c deducion will be available who makes the payment
but practically if lic is paid in cash then deduction can be claimed by son also and if son is earning income & payment is made by father by bank then son can reimburese d same to his father & claim deduction
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