husband can claim of wife lic in 80 c
who paid through husband account also
Menu
Lic premium
Replies (4)
Yes, as per S. 80C(1) of the Income Tax Act, 1961, the assessee can claim deduction in respect of the amounts specified in sub section (2).
Further, S.80C (2)(i) provides for amount paid to keep in force an insurance on the life of persons specified in sub-section (4)
S.80C(4)(a)(i) specifies that in case of an individual, deduction can be claimed in respect of the policy taken for wife/husband/children.
Hence, LIC premium on policy taken for wife can be claimes as deduction.
However, it is to be noted that the total amount of deduction claimed under S 80C cannot exceed Rs. 1,50,000
Thanks sir
Person can claim deduction under 80c for LIC paid for spouse and kids
Yes you can claim. Sec 80 C allow deduction for LIC paid for Spouse and children
Recent Threads
- Standard deduction for family pensioners
- Concerning tax savings or understanding the long-t
- F&O losses
- Is form 10 IE needed in this case?
- TDS on purchase of property more than 50 lakhs
- Withdrawal from post NSS
- Section 10(11) or 10(12) of exempted income
- New income tax act
- Duplication of Interest on SCSS deposits in postof
- Declaration of foreign investment
Related Threads
CAclubindia
