My son is a NRI living in US. He has no indian income.
I am paying his Insurance premium to LIC and iCICI Prudential from my account/ credit card.
Can I claim rebate under SEC 80C from my income for IT purposes?
Please reply immediately as I have to finalise my IT liability thia year.
G.Krishnamoorthy
i think you can claim deduction as law doesnot say anything about the son of assessee being a major nor about him being resident or not. so if the payment is made by you, then you can claim deduction.
Krishnamoorthy Sir,
To claim 80C, the "child" need not be dependent on u... (Child need not be minor)
nor is there any requirement regarding residential status..
So u can claim 80C in your name if u paid his premium, subject to the conditions in 80C
YES U CAN CLAIM DEDUCTION U/S 80 C
Yes, You can claim deduction for the same u/s 80C
yes, this deduction is admissible u/s 80C
No doubt, u can claim deduction u/s80c according to the provision of this section
OM SAI SRI SAI JAI JAI SAI
yes u can claim the deduction, payment made by the father for the Lic premium in the behalf of his son doesnot matter that the son is NRI or not.
Deudction u/s 80C can be claimed
Dear Mr. Krishnamoorthy,
There has always been misunderstanding in the mind of us toward claiming the deduction under section 80c for investment made on behalf of the family members. In this article, we will talk about all circumstances, where an individual can get the benefit of deduction u/s 80C for payment on behalf of his/her family members. Every person should plan his investments and plan his taxes. Section 80C of Income tax is one of the part for tax planning. This article seeks to explain the various common questions arise in the mind of a layman like -
An individual can avail the benefit of deduction under section 80C for payment of investments on behalf of his/her family members (Individual/Spouse/Children) up to Rs. 1,00,000.
Child may be :-
So, sir you can go for the same best of luck.
Thanks & Regards
Rajat
CAclubindia
