Is life insurance payment of married daughter eligible in the hands of parent to claim deduction u/s 80c?
another one is NSC bonds taken in the name of propreitor and transfer {pledge } those bonds for obtaining food grain lisence for business purposes, Payment for NSC bond eligible for deduction u/s 80c eventhough it is pledged ?
There is no restriction on allowability u/s 80C for life insurance premium paid for married daughter. It is allowable
In case of NSC, even if pledged it is allowable as deduction
u/s 80C . Life insurance paid for own, spouse and children ( major or minor, dependent or independent)
is allowable. so under 80 C u can avail deduction.
NSC- it is eligible for deduction even though it is pledged
PARV & Co.
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Saini Pati Shah & Co LLP, Chartered Accountants
Mumbai
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Kolkata
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