Lic-friend-80c

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644 Points Joined February 2011
I have paid lic premium of my FRIEND of Rs. 25221 through internet banking from my a/c. Then my friend gave me cash. Can he take deduction u/s 80C.
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On 08 April 2014 at 20:42 Report
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Yes, since he has paid for the premium. If he maintains accounts, ask him to account for loan taken from you and then repaid. (I hope the amount is <20000, since he repaid the loan by cash)

If he is a salaried employee and does not maintain accounts, he should keep the premium receipt safely in his file.

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On 09 April 2014 at 11:55
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644 Points Joined February 2011
But in my case premiun amount is 25221 i.e. Above Rs. 20000 then is there any problem.
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On 09 April 2014 at 13:38


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