Can an individual claim a deduction u/s 80c in respects of the LIC premiums paid by him for his parrents
Surbhi Garg (Chartered Accountant) (64 Points)
31 July 2010Can an individual claim a deduction u/s 80c in respects of the LIC premiums paid by him for his parrents
Manoj BG
(Tax Professional and in Service)
(1795 Points)
Replied 31 July 2010
HI SURBHI,
DEDUCTION UNDER 80 C WOULD BE AVAILABLE FOR INSURANCE PREMIUM PAID BY THE ASSESSEE ON HIS OWN LIFE, HIS WIFE, AND HIS CHILDRENS.
REGARDS,
MANOJ
Amit Gupta
(Loosening Myself)
(1508 Points)
Replied 31 July 2010
| Originally posted by : Manoj B. Gavali | ||
 |
HI SURBHI, DEDUCTION UNDER 80 C WOULD BE AVAILABLE FOR INSURANCE PREMIUM PAID BY THE ASSESSEE ON HIS OWN LIFE, HIS WIFE, AND HIS CHILDRENS. REGARDS, MANOJ |
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PULKIT GUPTA
(JALANDHAR)
(24 Points)
Replied 31 July 2010
Can an individual claim a deduction u/s 80c in respects of the LIC premiums paid by him for his parrents
Manoj BG
(Tax Professional and in Service)
(1795 Points)
Replied 31 July 2010
HELLO PULKIT,
PLS SEE ABOVE REPLIES....
REGARDS,
MANOJ
kishan
(e)
(61 Points)
Replied 31 July 2010
YES...DEDUCTION U/S IS ALSO AVAILABLE U AND UR FAMILY BUT IT IS RESTRICATED UPTO 100000
Nomula Sreenivasarao
(DGM -Accounts)
(163 Points)
Replied 31 July 2010
Dear Ayush,
If Parents Dependents , premium paid by assessee ,
This case may be eligible for for deduction under 80c.
Manoj BG
(Tax Professional and in Service)
(1795 Points)
Replied 31 July 2010
IF THE INSURANCE PREMIUM PAID FOR POOLICY TAKEN FOR DEPENDENT PARENTS, IT WOULD NOT BE ALLOWED DEDUCTION UNDER SECTION 80C OF THE INCOME TAX ACT 1961.
REGARDS,
MANOJ
ankit
(bhopal)
(76 Points)
Replied 31 July 2010
deduction u/s 80c regarding life insurance policy is available only for himself his spouse<wife/husband>and his children(whether dependant or not)..........it is available only till 20%of the sum assured
Abhimanyu Bind
(CA Final Student & Audit Assitant)
(2049 Points)
Replied 31 July 2010
Hi, guys u all are expert giving different opinions. Its a kind request to you all please read the provisions properly and then reply otherwise u all confuse the people who have less or no knowledge about the provisions...
SUDHIR & PRADEEP JI
(CA FINAL+LLB + DISA)
(2299 Points)
Replied 31 July 2010
parents are not covered under section 80c on lic premium paid by assessee
CA Finalist
(Article Assitant)
(289 Points)
Replied 31 July 2010
sec 80c is applicable only to the assessee. so if he pays premium for his parents, the same would not be exempted, and would be taxed 100%.... kindly refer the applicability of section 80c
R.S.G.
(student C.A. final b.com m.com)
(41 Points)
Replied 01 August 2010
it is clearly mentioned u/s 80C that LIC PREMIUM paid by an individual is allowable as deduction only for himself , for his/her spouce(husband or wife) , any child of such individual weather married/unmarried, dependent/non-dependent .
LIC premium paid for parents is not allowable as deduction u/s 80C weather dependent or not.
regards
RSG
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