Deduction u/s 80c

Tax queries 1030 views 22 replies
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nil
30 Points Joined February 2010

If I am paying life insurance premium monthly on behalf of my friend from my bank account, am I eligible for deduction u/s 80C?

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On 24 October 2013 at 14:27 Report
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Job
5264 Points Joined December 2010

Not allowed.

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On 24 October 2013 at 14:31
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nil
30 Points Joined February 2010
What if I am the proposer? And the life insurance policy was a form of gift?
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On 24 October 2013 at 14:34
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Consolidation and IndAS Application
1056 Points Joined May 2010

Deduction u/s 80C - Life Insurance Premium for individuals -  The policy must be in the assesse's or spouse's or any child's name. For a HUF, it may be on life of any member of HUF. The 80C deduction is valid on insurance policies purchased after 1st April, 2012 only if the premium is less than 10% of sum assured. Benefits for existing purchased policies continue.

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On 24 October 2013 at 15:22
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nil
30 Points Joined February 2010
Thanks Sandeep, but that does not answer my question.
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On 24 October 2013 at 15:32
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CA Finalist
528 Points Joined September 2012

No as the policy is in the name of neither you nor your wife nor your children, you can not claim deduction for such payment

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On 24 October 2013 at 15:41
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Consolidation and IndAS Application
1056 Points Joined May 2010

i hope..Khusbu Jaiswal and my answer clears your doubt...IT act clearly says The policy must be in the assesse's or spouse's or any child's name. 

Now, if you have gifted the policy to your friend as a proposer it doesnt mean that it is in your name.


 

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On 24 October 2013 at 16:22
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IT System Auditor
33683 Points Joined April 2010

Agree with above replies...

80C benefit can be availed where investment is being done in the name of children or wife/Husband name or Joint name only...

 

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On 24 October 2013 at 16:41
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nil
30 Points Joined February 2010

Ok... So if its in joint name with me, but the benefits acrrue only to my friend,, then can i get the It deduction?

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On 24 October 2013 at 16:44
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IT System Auditor
33683 Points Joined April 2010

When it joint within the members as defined Husband/Wife and Children...

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On 24 October 2013 at 16:46
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nil
30 Points Joined February 2010

Ok. Thanks everyone!

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On 24 October 2013 at 16:47
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CA
22 Points Joined October 2013
For taking deducation of 80C you have to invest from your taxable income I.e. you have to pay you can not take this from ither person as a gift
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On 24 October 2013 at 18:34
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TRAINING MANAGER
175 Points Joined September 2009
Joint life policy Allowed to husband and wife and between partners only...
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On 24 October 2013 at 22:14
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Wealth Manager
5293 Points Joined December 2008

Is your friend really wishes you to avail the deduction toward this policy premium ?

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On 25 October 2013 at 07:17
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ACCOUNTANT
66 Points Joined August 2013
Yes.i agree with all
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On 25 October 2013 at 10:26

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