Dhawal Mohnot (Practicing) (449 Points)
17 March 2010Amount invested in LIC through minor's bank account whether at the time of clubbing of income can be claimed in the parents 80C deduction
P.S: The minor during the year does not have any income apart from bank interest so 80C deduction cannot be claimed while computation of his total income.
Deepesh Jain
(C.A (May 11 Batch))
(104 Points)
Replied 17 March 2010
the provisions are for clubbing of income and not clubbing of deduction
so u cant
Dhawal Mohnot
(Practicing)
(449 Points)
Replied 17 March 2010
but practically it does not make sense.... when you are clubbing the income you can might as well claim the deductions also.
The provision has not emphasised anything specific on this..
Deepesh Jain
(C.A (May 11 Batch))
(104 Points)
Replied 17 March 2010
law is law cant help it
ofcouse u can claim 1500 per child (max 2)
CA Shiv
(Business Controller)
(2987 Points)
Replied 17 March 2010
Hello,
Yes it is available u/s 80c for payment for LIC for minors... Its on payment basis...for individual, spouse and children.
rahul pandit
(Article Assistant)
(53 Points)
Replied 17 March 2010
my friend in I.T Act payment of the LIP of Childrens is available even if the Minor does not have any Income. So, it make no difference whether the Minor's LIP shd be paid out of his Income. It can be claimed even if dont have any Income.
| Originally posted by : CA Shivang | ||
 |
Hello, Yes it is available u/s 80c for payment for LIC for minors... Its on payment basis...for individual, spouse and children. |
 |
SUDHIR & PRADEEP JI
(CA FINAL+LLB + DISA)
(2299 Points)
Replied 01 August 2010
Yes it is available u/s 80c for payment for LIC for minors... Its on payment basis...for individual, spouse and children.
Manoj BG
(Tax Professional and in Service)
(1795 Points)
Replied 02 August 2010
DEAR DHAWAL
THE QUESTION IS THAT WHO HAS DEPOSITED AMOUNT IN MINOR'S BANK ACCOUNT. E.G IF AMOUNT TRANSFERRED FROM FATHER'S ACCOUNT TO SON'S (MINOR'S) ACCOUNT TO MAKE LIP PAYMENT, AND LATER ON PAYMENT MADE TO LIC THROUGH MINOR'S ACCOUNT EITHER THROUGH ECS OR BY CHEQUE, IT WILL BE ALLOWED AS DEDUCTION TO FATHER BECAUSE, U/S 80C, MODE OF PAYMENT IS NOT IMPORTANT, THING IS THAT LIC PREMIUM PAID THROUGH MINOR'S ACCOUNT WOULD NOT PRECLUDE FATHER FROM CLAIMING DEDUCTION. THE PAYMENT THROUGH MINOR'S ACCOUNT IS ONLY A MODE OF PAYMENT OF LIC PREMIUM.
FROM ALL THE ABOVE, DED U/S 80C WOULD BE ALLOWED TO PARENT WHO DEPOSITED MONEY IN BANK ACCOUNT OF MINOR....
REGARDS,
MANOJ
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