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S.80C deduction

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229 Points Posted on 14 January 2023
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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On 14 January 2023 at 00:12 Report
Replies (6)
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Assistant
719 Points Posted on 14 January 2023
No deduction
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On 14 January 2023 at 08:05
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194 Points Posted on 14 January 2023
80c deduction allowed only to self spouse aur children...not for parents...in this case no deduction allowed to parent..
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On 14 January 2023 at 09:43
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229 Points Posted on 14 January 2023
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?
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On 14 January 2023 at 09:49
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194 Points Posted on 14 January 2023
Mr A eligible to claim deduction u/s 80c
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On 14 January 2023 at 10:03
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Profession Business
28207 Points Posted on 14 January 2023
Generally such practices must be discontinue.
44 Reply
On 14 January 2023 at 16:04
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CFO- at NHTF
58280 Points Posted on 14 January 2023
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
59 Reply
On 14 January 2023 at 17:09


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