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?
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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