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Insurance Premium Benefits

Tax newbie (Something) (28 Points)

20 December 2009

Hi,

I pay the LIC Insurance premium for my parent's policies on their behalf.

Can I include it my income tax benefit?

-- Prashant.

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4 Replies

subasri (searching for a job) (54 Points)
Replied 20 December 2009

Certainly.you can claim deduction u/s80C for the lic premiums paid for yourself,your spouse,childrenand parents.

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Ansari (ca final) (444 Points)
Replied 20 December 2009

Originally posted by : subasri
	Certainly.you can claim deduction u/s80C for the lic premiums paid for yourself,your spouse,childrenand parents.

shalu (student) (43 Points)
Replied 20 December 2009

to my knowledge , u/s 80C deduction is available for paying premium only 4 yourself, spouse and children .....not your parents ........ however your parents can claim ded. 4rom thier GTI if they pay it.

Anuraag Sharma (Sr Executive Finance) (845 Points)
Replied 21 December 2009

Originally posted by : Prashant Ladha
	Hi, I pay the LIC Insurance premium for my parent's policies on their behalf. Can I include it my income tax benefit? -- Prashant.

U/s 80C:

if the policy is taken individually then deduction is available for the payment of premium of policy taken on life of assessee, spouse or children but not parents..subjet to a maximum of 20% of sum assured

In case of HUF policy may be taken on life of any member and deductiopn of premium paid will be avalable to such HUF u/s 80 C..subjet to a maximum of 20% of sum assured