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Is ELSS investment in child's name deductible under Sec 80C?

Tax planning 829 views 1 replies

If a child's father is investing Rs. 1000/- every month in Mutual Fund ELSS SIP as a guardian, can he include this amount as deduction under section 80C in Rs. 1,00,000 limit while filing his return??

Replies (1)

i think so Premium paid on policies in name of adult children - Relief under section 80C is available in respect of premia paid on the life insurance policies on the lives of adult children, irrespective of their status; for example, premia paid on a policy on the life of a married daughter. This relief will continue to be available under the new section (section 88) introduced by the Finance Act, 1990, as the language of the new section is in pari materia with that of section 80C of the Act


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