Dear All,
am a tax payer, can i clame my parents lic to income tax excemption,
Regards
bhaskar
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Parents LCI claim
Replies (3)
As per provisions of Sec 80C life insurance premium can be claimed for tax rebate by an individual only where the policy is taken for his own benifit or his/her spouse or their child. therefore you wont get any benefit for life insurance premium paid for your parents
As per provisions of Section 80C, life insurance premium can be claimed for tax rebate by an individual only where the policy is taken for his own benefit, or his/her spouse, or their child. Therefore, you won't get any tax benefit on premium paid for life insurance policies of your parents. - See more at: https://www.indianexpress.com/news/no-tax-benefit-available-on-premium-paid-for-parents--life-insurance/1062621/#sthash.bU4h5Brv.dpuf
As per provisions of Section 80C, life insurance premium can be claimed for tax rebate by an individual only where the policy is taken for his own benefit, or his/her spouse, or their child. Therefore, you won't get any tax benefit on premium paid for life insurance policies of your parents. - See more at: https://www.indianexpress.com/news/no-tax-benefit-available-on-premium-paid-for-parents--life-insurance/1062621/#sthash.bU4h5Brv.dpuf
As per provisions of Section 80C, life insurance premium can be claimed for tax rebate by an individual only where the policy is taken for his own benefit, or his/her spouse, or their child. Therefore, you won't get any tax benefit on premium paid for life insurance policies of your parents. - See more at: https://www.indianexpress.com/news/no-tax-benefit-available-on-premium-paid-for-parents--life-insurance/1062621/#sthash.bU4h5Brv.dpuf
No. As per Sec 80C(4), an individual can claim the deduction of LIC premium payment of only his wife and children (apart from him).
No you aren't entitled to claim the benefit
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