Menu
Doubt on 80c deduction for lic premium
Hi, Can a Parent take deduction of LIC Premium paid on behalf of children (Majors), if the Policy is in the name of each child who is also filing Nil returns? And also to clarify whether Premium must be paid from account of the parent in order to avail deduction? If amount is paid from child's account parent would not be eligible for deduction?
Replies (4)
parents can deduction of the premium paid on the behalf of children.
Payment must be through parents bank account
child transfering amount to parent and final payment through parents account is permissible?
Can Child take deduction, if payment is made by parent on behalf of Child (i.e. Policy for the Child)?
If child is a major and working member, he/ she can avail deduction even if premium is paid by parent.
Recent Threads
- Advance Tax not reflecting in Form26AS
- Capita gain tax
- Clubbing of income on ULIP
- ITR2 Processing Delay
- TDS demand payment notice
- Invoice NOT in 2B but showing in 2A, and supplier
- Is ITC available on VRF AC
- Capital gains on sale of furnished flat
- Heard & Seen Around – Your Daily Economi
- Gst interest and penalty doubts regarding missing
Related Threads
CAclubindia
