Claiming exemption under section 80c

Tax planning 1429 views 7 replies

Is it possible to claim an exemption by an assessee for an investment made by a spouse, provided , the spouse is not claiming any exemption.

Replies (7)

yes if u have done investment under section 80c then u can get...provided souce has not claim ...

u can get deduction of ur child also..weather dependent or independent..

so it is available

 

I AM TOTALLY AGREE WITH RAMAN AGGARWAL

CA_Information

I M ALSO AGREE WITH RAMAN AGARWAL

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LIC premium can be claimed by the assessee regardless of expenditure done by any one..

Hi Ajitesh

Here source of income is important.

If spouse invests in 80c with her won income then only spouse can claim.

If husbank invests in 80c in spouse name then husband can claim 80c.

In your case only spouse can claim exemption not husband.

only assessee made investment ,them he can claim exemption....

no spouse...

if spouse made investment then she can claim exemption from his income...

IF HUSBAND MADE INVESTMENT IN NAME OF WIFE THEN HE CAN CLAIM EXEMPTION....U/S 80 C

As per Section 80C:

 

 

80C.  (1) In computing the total income of an assessee, being an individual or a Hindu undivided family, there shall be deducted, in accordance with and subject to the provisions of this section, the whole of the amount paid or deposited in the previous year, being the aggregate of the sums referred to in sub-section (2), as does not exceed one lakh rupees.

 

(2) The sums referred to in sub-section (1) shall be any sums paid or deposited in the previous year by the assessee:

(i)  to effect or to keep in force an insurance on the life of persons specified in sub-section (4);

Thus assessee cannot claim benefit on the payment of his insurance by the spouse.

 

 

 


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