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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Deduction u/s 80c
Replies (22)
Not allowed.
What if I am the proposer? And the life insurance policy was a form of gift?
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.
Thanks Sandeep, but that does not answer my question.
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
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.
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...
Ok... So if its in joint name with me, but the benefits acrrue only to my friend,, then can i get the It deduction?
When it joint within the members as defined Husband/Wife and Children...
Ok. Thanks everyone!
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
Joint life policy Allowed to husband and wife and between partners only...
Is your friend really wishes you to avail the deduction toward this policy premium ?
Yes.i agree with all
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