Deduction u/s 80c income tax act

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Pensioner/Advocate
24 Points Joined February 2016

I am a pensioner. I have taken the policy "Children Double benefit Scheme " for the benefit of my grand daughter. The policy is actually in the name of my daughter (mother of the chld). I am paying the annual premium from my own funds through credit card/cheque. 

In this context, am I entitled for claiming decuction under Section 80C of the Income Tax Act?

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On 04 February 2016 at 20:02 Report
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GM-ACCOUNTS
142 Points Joined June 2012

Yes, you are eligible to claim the deduction since the policy is in  the name of your own daughter and the benefeciary or nominee is your grandchild .The premium paid is only on the life of your daughter and not on your grandchild.

 

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On 09 February 2016 at 16:53


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