Hi,
I pay the LIC Insurance premium for my parent's policies on their behalf.
Can I include it my income tax benefit?
-- Prashant.
Tax newbie (Something) (28 Points)
20 December 2009Hi,
I pay the LIC Insurance premium for my parent's policies on their behalf.
Can I include it my income tax benefit?
-- Prashant.
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.
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
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