Deduction under sec 80c and sec 24

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.

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?

yes, she can claim it . pl check the following link.

/experts/lip-payment-deduction-u-s-80c-of-i-t-act-605770.asp#.UsVUIfQW0R4