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.
Replies (2)
Guest
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.
CAclubindia
