Section 80 C

Page no : 2

chetan (accountant) (321 Points)
Replied 06 July 2011

If a person paying towards his wife LIC premium of Rs 50000/-. Can he claim the deduction under 80C.

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CS,CA F,Numrologi TusharSampat (CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert) (85930 Points)
Replied 06 July 2011

@ chetan u can cliam premium only till the extent of 20% of capital sum assured.

eg if policy is of rs 100,000 and if premiuim paid is of rs 21000 thn only 20% is allowed i.e rs 20,000 as premiuim paid is allowed u/s 80C.

Rup Kumar (finance manager) (288 Points)
Replied 06 July 2011

Yes, he can claim u/s 80C Rs.50000/- . But it must be within 20% of sum assured.

amit jain (Chartered Accountant) (532 Points)
Replied 07 July 2011

only own investment is eligible for deduction

kalpesh kikani (as artical ) (25 Points)
Replied 07 July 2011

service tax paid on job work of gold if turnover was more than 10,00,000

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Rockstar D (Student CA FINAL) (74 Points)
Replied 07 July 2011

Here, an individual deposit in PPF Rs. 70000 in his name and same amt. in the name of his wife .My question is this he can claim in his return RS.70000 or RS 100000 u/s 80C? I think he can claim 100000 but correct me if i am wrong.

1 Like

mohit pathak (Learner) (396 Points)
Replied 07 July 2011

I agree.....Individual can invest Rs.70000/- in PPF a/c during the year. this limit is under PPF and not under income tax act

According to PPF scheme an individual can open PPF A/c in his own name or in the name of a mnor of whome he is guardian..

however, Income tax treates contribution made an individual to his own account or in the account of his spouse or any child as an eligible deduction under section 80C...

So, u can claim deduction of Rs 1,00,000/- (as restricted u/s 80cce).

Regards,

Mohit

1 Like

Rockstar D (Student CA FINAL) (74 Points)
Replied 07 July 2011

thanks 4 clarification...................

@*CS Siddharth Bumb. * (B.Com, CA Final, CS ) (5270 Points)
Replied 08 July 2011

Originally posted by : Dipak
	Individual can invest Rs.70000/- in PPF a/c during the year. this limit is under PPF and not under income tax act.PPf deposited in name of individual himself,spouse and his /her child is eligible for deduction subject to maximam Rs.100000/-. Howevre, 70000/- in each a/c rule has to be follow. so, in your case both amount can be claim u/s 80c.