Can i avail tax benefits under 80C if i pay LIC premium of my spouse (homemaker)? Is there any limit to it?
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Income Tax- Claiming spouse premium paid under 80C.
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u/s 80C premium paid in respect of life insurance policy is allowed as deduction for individual himself, his/her spouse and any child (minor/major).
| Deduction u/s 80C | |
| Policy issued < 01.04.03 | upto 20% of actual capital sum assured |
| Policy issued between | upto 20% of actual capital sum assured |
| 01.04.03-31.03.12 | |
| Policy issued on/after | upto 10% of min. capital sum assured |
| 01.04.12 but before 01.04.13 | |
| Policy issued on/after 01.04.13 | |
| Insured person with | upto 15% of min. capital sum assured |
| - disability/severe disability (80U) | |
| - disease or ailment (80DDB) | |
| Insured person | upto 10% of min. capital sum assured |
| - other than above |
Max. deduction permissible u/s 80C: 1.5 lakh
So, you can claim the said deduction subject to the aforesaid limits.
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