See, I am paying from my account monthly, from my taxable income. So shouldnt i get the tax benefit?
s
(nil)
(30 Points)
Replied 25 October 2013
See, I am paying from my account monthly, from my taxable income. So shouldnt i get the tax benefit?
Nikita
(Student)
(21 Points)
Replied 25 October 2013
sijimon j kunnumpuram
(student)
(26 Points)
Replied 25 October 2013
Nikhil Kaushik
(Fellow CA)
(85362 Points)
Replied 28 October 2013
The Act, no where comments on the availability of deduction in case of joint policy with non-relatives.
if it is in joint name with you also being named as the insured, you might be able to claim deduction to the extent of 50%. however, as you have suggested that your friend is the only beneficiary, no deduction can be allowed.
Sandeep Garg
(Consolidation and IndAS Application)
(1056 Points)
Replied 28 October 2013
Dear Roma Sahu,
The policy must be in the assesse's or spouse's or any child's name. For a HUF, it may be on life of any member of HUF.
Regards,
CAclubindia
