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Section 80c

uttam kumar (training manager) (24 Points)

22 December 2011

Sir,

In which following cases IT is exempted u/s 80C in the books of father.

a) If Life insurance premium paid for major son studying in college by father.

b) If Life Insurance premium paid for major daughter - married by father

c) If Life insurance premium paid for minor daughter by father.

uttam kumar

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8 Replies

Giridhar S Karandikar (Team Lead) (7543 Points)
Replied 22 December 2011

IN a & c IT is exempted

CA Shraddha (Mcom, CS Exe.) (Service) (224 Points)
Replied 22 December 2011

As per the provision of section 80C in respect of life insurance premium paid by an individual it reads as follows:

In case of an individual policy should be taken on his own life, life of the spouse or any child (child may be dependent/ independent, male/female, minor/major, or married/unmarried).

Hence all of the above payments as referred by you are entitled to deduction u/s. 80C. However, dedcution in this regard is subject to maximum of 20% of sum assured and the total amount deductible under sections 80C, 80CCC and 80CCD cannot exceed Rs. 1 lakh.

Regards,

Shraddha

1 Like

Anvesh Desai (Chartered Accountant) (156 Points)
Replied 22 December 2011

Originally posted by : Shraddha Samani
	As per the provision of section 80C in respect of life insurance premium paid by an individual it reads as follows: In case of an individual policy should be taken on his own life, life of the spouse or any child (child may be dependent/ independent, male/female, minor/major, or married/unmarried). Hence all of the above payments as referred by you are entitled to deduction u/s. 80C. However, dedcution in this regard is subject to maximum of 20% of sum assured and the total amount deductible under sections 80C, 80CCC and 80CCD cannot exceed Rs. 1 lakh. Regards, Shraddha

PREETI SUMAN (ca final) (94 Points)
Replied 22 December 2011

agree with shraddha....all the payments are entitled to deduction u/s80c.

kalpesh (Student) (21 Points)
Replied 23 December 2011

i am agreewith above........

PARAS (ICAI BHAWAN) (50 Points)
Replied 02 February 2012

do you actually mean that if i has insurance of 200,000 then the deduction granted to me will be only of 40,000 rupees........

PLEASE REPLY FAST........

THANX...........

CA SAMIR CHAUDHARY (PRACTISING CA) (28 Points)
Replied 30 June 2012

Paras,

Yes, as per your question u will get deduction of Rs. 40,000/- upto A.Y. 2012-13 and from A. Y. 2013-14 it will be Rs. 20,000/- only because as per amendment only 10% will be allowed instead of 20%