Breakup of section 80c deduction

This discussion clarifies the rules around claiming life insurance premiums under Section 80C of the Income Tax Act. While premiums paid for policies taken in the name of the taxpayer, their spouse, or children are eligible for deduction, only one taxpayer can claim the benefit. In this scenario, the husband can claim a deduction up to the limit of Rs 1,50,000, but the wife cannot claim any part of the deduction for the policy taken in his name.