Section 80 C

If a person paying towards his wife LIC premium of Rs 50000/-. Can he claim the deduction under 80C. 

@ chetan u can cliam premium only till the extent of 20% of capital sum assured.

eg if policy is of rs 100,000 and if premiuim paid is of rs 21000  thn only 20% is allowed i.e rs 20,000 as premiuim paid is allowed u/s 80C.

Yes, he can claim u/s 80C  Rs.50000/- . But it must be within 20% of sum assured.

only own investment is eligible for deduction

 service tax paid on job work of gold if turnover  was more than 10,00,000

Here, an individual deposit in PPF Rs. 70000 in his name and same amt. in the name of his wife .My question is this he can claim in his return RS.70000 or RS 100000 u/s 80C? I think he can claim 100000 but correct me if i am wrong.

I agree.....Individual can invest  Rs.70000/- in PPF a/c during the year. this limit is under PPF and not under income tax act

According to PPF scheme an individual can open PPF A/c in his own name or in the name of a mnor of whome he is guardian..

however, Income tax treates contribution made an individual to his own account or in the account of his spouse or any child as an eligible deduction under section 80C...

So, u can claim deduction of Rs 1,00,000/- (as restricted u/s 80cce).

Regards,

Mohit

thanks 4 clarification...................