If Insurance premium of wife is paid by husband, then can wife claim deduction in her return by showing loan from husband and repaying the amount afterwards? What is the actual meaning of " any sums paid or deposited in the previous year by the assessee" means it must be paid by the assessee from his bank account?
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Insurance premium
Replies (2)
If the amount is paid to the insurance company directly from husbands ' bank account then your contention that the amount is given as loan will not be accepted and wife would not be able to claim deduction. However, if the amount is first transferred from husbands' bank account to wife's bank account and then she pays it to to insurance company then the wife is permitted to claim deduction.
In this case wife can not take benifit U/s Section 80C. Because Husband have paid the Insurance Premium from him account.
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