Life insurance premium under section 80c



if the payer and insured are two different persons and the payer pays the insurance premium from his own bank account then and is the insured eligible to take the deduction of the premium under section 80c. the insured is the spouse of the payer.


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Payer is eligible for deduction of insurance premium paid for his spouse, if payment done by him.


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yes you can...under 80 c upto 150000

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@ sheela_more the payment was made by the payer himself as it was made through his bank account but the policy receipt will have the name of the insured. so won't the insured be eligible to claim deduction?
 
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As per the policy terms insurer is her husband, so he is eligible for 80C benefit, when he pays to insure himself or any of his family member/s


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@ sheela_more & @ ashwin_kumar .....suppose the insured is not related with the payer....they are just friends say A and B..the insured that is A is the assessee...but the payment was made by the assessee's friend that is B through B's bank account...think as if in practical scenario....then do u think it is right to claim this premium deduction by A in his return of income stating that the premium amount was given by A to B ?
 
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PRACTICE

since the Money paid through Payer Bank account...the Insured is not eligible for deduction under section 80C of the income tax act,1961😊
 
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@ dipesh_jha suppose the insured is not related with the payer....they are just friends say A and B..the insured that is A is the assessee...but the payment was made by the assessee's friend that is B through B's bank account...think as if in practical scenario....then do u think it is right to claim this premium deduction by A in his return of income stating that the premium amount was given by A to B

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