See, I am paying from my account monthly, from my taxable income. So shouldnt i get the tax benefit?
Menu
Deduction u/s 80c
I have proof to show that i am paying the ins prem.
Mr.sandeep garg..... sir 20% of sum assured .. not 10%
U r not eligible for deduction u/s 80c.,this section available only for payment of lic premium to urself,spouse,childrens.,even for parents is not available...
Yes i agree with my friends..
In members can we take their parents....
The Act, no where comments on the availability of deduction in case of joint policy with non-relatives.
if it is in joint name with you also being named as the insured, you might be able to claim deduction to the extent of 50%. however, as you have suggested that your friend is the only beneficiary, no deduction can be allowed.
Dear Roma Sahu,
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.
Regards,
Recent Threads
- Capital Gains from Cancelled Residential Project
- Import of goods data in IMS
- GSTr 9 24-25
- Change HSN
- TDS ISSUE ( DIFFERENT SECTION )
- Company strike off with loan waiver accounting iss
- Board resolution for authorization for GST
- Invoice related audit
- Gst input credit related
- Updated ITR as missed the dead line
Related Threads
CAclubindia
