Section 80 c query

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Vikram

Production Manager

25 Points Posted on 22 January 2013

Dear Sirs

I have a very typical Query

My Father is a Senior Citizen.

He has a lapsed policy where my sister is insured.

My father is now not paying the premiums of this policy, he has already paid a premium of INR 75000.

Now if i pay this premium on his behalf, from my income, can i claim section 80 C deduction.

The insurance company told me i can also get the name of proposer changed.

In that scenario also i shall be paying premium for my sisters insurance.

Still can i claim the deduction.

Looking forward to your expert reviews.

Vikram

Replies (6)

@VaibhavJ

Believe!! Live your dreams!

19752 Points Posted on 23 January 2013

Under 80C an individual can pay for LIC for spouse,own,children (major or minor,dependent or indepdent).

So you can not get deduction if you pay for your Parents & Siblings.

Thanks!!

kavitha

studying final

727 Points Posted on 23 January 2013

Originally posted by : @ VaibhavJ
	hi Under 80C an individual can pay for LIC for spouse,own,children (major or minor,dependent or indepdent). So you can not get deduction if you pay for your Parents & Siblings. Thanks!!

Nitish Sharma

not yet

90 Points Posted on 23 January 2013

no according to IRDA rules you cannot get 80c deduction

giridharinayak

Staff

34 Points Posted on 23 January 2013

if the deduction is not claimed by your father in his return of not filing the return, deposit of lic (i.e. excluding late fee) can be claimed by u.

CA. Kunal Lakhotia

ACA

834 Points Posted on 23 January 2013

u CANNOT claim it

Anbuselvam

CMA Final Pursuing

182 Points Posted on 24 January 2013

Any amount that you pay towards LIC for yourself, your spouse or your children can be included in Sec 80C deduction. Please note that life insurance premium paid by you for your parents (father / mother / both/siblings) or your in-laws is not eligible for deduction under section 80C