Deduction under sec 80c and sec 24

Tax queries 723 views 3 replies

pankaj

MBA

25 Points Posted on 02 January 2014

Hi All,

I have below queries:

1. Is it possible if my wife can claim the amount of Life Insurance policy of my mother, ie Her mother in Law, considering the fact that the policy has been taken as C/O my wife's name.

2. We have a housing loan out of that I want to claim whole interest amount u/s 24 (No claim of principal repaid) and my wife can claim principal amount u/s 80C (no claim of interest paid), is it possible?

3. Is it possible that my wife can claim rebate u/s 80C of a policy which is on my name considering the fact that the policy is not paid or maintained by her i.e. No C/O mentioned in receipt.

Thanks in advance.

Replies (3)

Guest

1. Any amount that you pay towards life insurance premium for yourself, your spouse or your children can be included in Section 80C deduction. premiums paid twds life of your in-laws is not eligible for deduction under section 80C.

2. Housing loan interest and principal deduction can be claimed by you and your wife in the proportion in which you jointly own the house. claiming of interest by one and principal by another is not allowed.

3. If your wife has not paid your insurance premium she cannot claim it.

pankaj

MBA

25 Points Posted on 02 January 2014

Originally posted by : Madhavi Pandit
	1. Any amount that you pay towards life insurance premium for yourself, your spouse or your children can be included in Section 80C deduction. premiums paid twds life of your in-laws is not eligible for deduction under section 80C. 2. Housing loan interest and principal deduction can be claimed by you and your wife in the proportion in which you jointly own the house. claiming of interest by one and principal by another is not allowed. 3. If your wife has not paid your insurance premium she cannot claim it.

In 3rd point, did you mean that if my wife pays premium of my life insurance policy for next year from her account or credit card, then she'll be able to get rebate on that amount considering the fact that her name is not there in the policy receipt anywhere?