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.
CA Vitrag S Modi (Chartered Accountant) (186 Points)
28 May 2010I 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.
Sripada M
(CA)
(365 Points)
Replied 28 May 2010
It is not allowed.
see the below link:
https://www.taxguru.in/income-tax/all-about-deduction-under-section-80c-and-tax-planning.html
ca rajesh sharma
(chartered accountant & taking coaching class)
(40 Points)
Replied 31 May 2010
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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Jagdish Bhalia
(Practicing CA)
(453 Points)
Replied 31 May 2010
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.
CA Shankar Mallick
(Proprietor)
(240 Points)
Replied 07 February 2011
can i get deduction u/s 80c in respect of premium paid for self ,wife,sons (aged 32,29,27 ) yers respectively.
CA MAULIK
(C.A)
(937 Points)
Replied 07 February 2011
BGV Sharma
(Student)
(28 Points)
Replied 10 December 2011
In order to claim deduction u/s 80C for LIP, whether the premium has to be paid in the previous year only?
CA Vanamala Phani Kumar
(Proprietor of M/s Vanamala and Co)
(972 Points)
Replied 10 December 2011
@ venkatesh
Yes, it is paid in Previous Year only
Ankit Baria
(TAX PRACTISIONER)
(22 Points)
Replied 11 August 2013
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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