If LIC is paid from the bank account of the child who is dependent and is a major of 20yrs
Will that LIC amount be allowed as deduction in the computation of father?
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S.80C deduction
Replies (6)
Quick Summary
No deduction
80c deduction allowed only to self spouse aur children...not for parents...in this case no deduction allowed to parent..
Mr.A is the parent and Mr. B is the child
Mr.A is filing ITR and LIC of Mr.B is paid from the account of Mr. B.
Mr.B doesn't earn any income.
Can Mr.A claim lic of Mr. B being paid from the account of Mr.B as deduction in the ITR of Mr.A?
Mr.A is filing ITR and LIC of Mr.B is paid from the account of Mr. B.
Mr.B doesn't earn any income.
Can Mr.A claim lic of Mr. B being paid from the account of Mr.B as deduction in the ITR of Mr.A?
Mr A eligible to claim deduction u/s 80c
Generally such practices must be discontinue.
Only the tax payer is eligible for LIC if it in his name .
LIC self payment is allowable as deduction and LIC paid for family is not allowed
LIC self payment is allowable as deduction and LIC paid for family is not allowed
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