X is father and Y is his son.
Case - Y has taken life insurance policy under which deduction is available under Sec. 80C. X is Proposer(policy holder is father) and life insured is of Y. Payment is made from joint account and reciepts are in name of X. Y is working in a company and his company CA refused to take into account insurance policy for tax benefits as reciepts were in father's name.
I want know whether Y can take benefit under sec. 80C ?
Dear Hardeep, the benefit of 80C is available in the case of individual assessee
if the payment is made for self, spouse, or children.
If the receipt is in father's name, then it only shows that the payment is made by the father
80C benefit has to go to the father only,as far as paperwork allows... not to the employee.
To me, employer is justified in his action.
O P Bagla & Co LLP
New Delhi
CA Inter
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A R JADHAV AND ASSOCIATES
Mumbai
CA Inter
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VIKAS VERMA & CO
New Delhi
Others
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Chirag N Shah & Associates
Mumbai
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