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80c rebate for grand parent


SANJAY G.PATIL (ASSTT BRANCH MANAGER)     27 March 2015

SANJAY G.PATIL
ASSTT BRANCH MANAGER 
 44 points

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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?

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Deepak Gupta (CA Student)     27 March 2015

Deepak Gupta
CA Student 
 2356 likes  15466 points

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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.]

SANJAY G.PATIL (ASSTT BRANCH MANAGER)     27 March 2015

SANJAY G.PATIL
ASSTT BRANCH MANAGER 
 44 points

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Thanks GuptaSir for clarification.

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Vishal Goel (Chartered Accountant)     27 March 2015

Vishal Goel
Chartered Accountant 
 144 likes  1688 points

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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.]

 


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