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Regarding 80c deductions

Karteek V (16 Points)

06 July 2020

if my parent paid my lic premium through cheque ( via their bank account) , can I show it for my deductions?

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8 Replies

Madhavi Pandit (78 Points)
Replied 06 July 2020

If you have reimbursed them the amount and they are not claiming the deduction, you can claim the deduction.

Karteek V (16 Points)
Replied 06 July 2020

Madam parents are not claiming ,I reimbursed through cash (by hand ) , can I show in deductions?

Ravi SADhiyan (Practice) (4510 Points)
Replied 06 July 2020

Originally posted by : Karteek V
	if my parent paid my lic premium through cheque ( via their bank account) , can I show it for my deductions?

Your Father can take benefit of 80C instead of you in your case

Sagar Patel (Tax and Business Consultant) (11611 Points)
Replied 23 July 2020

You father can take benefit u/s 80C, if you want to take benefit than show the amount reimbursement to your father via cash/ cheque than u take benifit.

Karteek V (16 Points)
Replied 23 July 2020

How to show reimbursement done to my parent via cash

Sagar Patel (Tax and Business Consultant) (11611 Points)
Replied 23 July 2020

If you are maintaining books of account that through entry in books of accounts of both
if you are not maintaining books than than there is no need to show any where, just explain that u reimburse the said amount to father.
for safer side u can take sign receipt from father for reimbursement of same.