I just want to know whether deduction inrespect of LIC paid for Father, Mother, Brother and Sister is deductible u/s. 80C or not. Please chk it.
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80C Deduction of LIC
Replies (10)
It is not allowed.
see the below link:
https://www.taxguru.in/income-tax/all-about-deduction-under-section-80c-and-tax-planning.html
Mr. Vitrag deduction u/s 80 c available in respect of self, spouse & child . hence it is not available for father , mother , brother & sister. in other words 80c can be claim by father in respect of child But child can not get 80 c in resp[ect of parents
| Originally posted by : Vitrag S Modi | ||
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I just want to know whether deduction inrespect of LIC paid for Father, Mother, Brother and Sister is deductible u/s. 80C or not. Please chk it. |
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No you cannot get the deduction u/s 80C for LIC premium paid of father mother and brother.
Deduction can be claimed on LIC premium for self, spouse and children.
can i get deduction u/s 80c in respect of premium paid for self ,wife,sons (aged 32,29,27 ) yers respectively.
lic premium only for self,spouse and children...............
In order to claim deduction u/s 80C for LIP, whether the premium has to be paid in the previous year only?
@ venkatesh
Yes, it is paid in Previous Year only
no ONLY 4 SELF SPOUSE N CHILDREN...
@ SKUMAR-YES U CAN..
Dear Sir,
please let me know if father, mothers ,brothers & Sister's LIC premium paid by us then it will be deductable or not????
awaiting for your reply..????
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