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80c rebate for grand parent

Others 1886 views 3 replies

SANJAY G.PATIL

ASSTT BRANCH MANAGER

44 Points Posted on 27 March 2015

When parents are filing income tax return for their own income;can grand parent claim 80C rebate for Life insurance policy taken on the life of grand son taken from grandparent's own taxable income?

Replies (3)

Deepak Gupta

CA Student

15932 Points Posted on 27 March 2015

No, grand parents cannot claim tax deduction u/s 80C for life insurance policy taken by them for their grand children.
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[In case of an individual, deduction is allowed only when the policy is taken on the individual’s life, life of the spouse or any child of such individual.]

SANJAY G.PATIL

ASSTT BRANCH MANAGER

44 Points Posted on 27 March 2015

Thanks GuptaSir for clarification.

Vishal Goel

Chartered Accountant

1693 Points Posted on 27 March 2015

Originally posted by : \|)eep @ k Gupt/\
	No, grand parents cannot claim tax deduction u/s 80C for life insurance policy taken by them for their grand children. . [In case of an individual, deduction is allowed only when the policy is taken on the individual’s life, life of the spouse or any child of such individual.]