Can i avail tax benefits under 80C if i pay LIC premium of my spouse (homemaker)? Is there any limit to it?
Menu
Income Tax- Claiming spouse premium paid under 80C.
Replies (1)
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.
Recent Threads
- Discuss and Download CA Inter Question Paper Janua
- Discuss and Download CA Final Question Paper Janua
- Accounting Entry for samples received from princip
- Many of my clients who are bank employees received
- Missed filing for AY 2022-23. TDS refund possible
- Form 26QB: Assessment Year Based on Payment Date o
- Revision of Tax Audit
- IT Return 2023-24
- LUT for Companies Using EVC and Not DSC?
- UDIN Generation 44ADA
Related Threads
CAclubindia
