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
IN a & c IT is exempted
| Originally posted by : Shraddha Samani | ||
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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 |
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agree with shraddha....all the payments are entitled to deduction u/s80c.
i am agreewith above........
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...........
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%
Mr. Paras,
Upto A Y. 2012-13 deduction will be Rs. 40000/- and as from A Y 2013-14 it will be only 20000/- as per recent amendment in a budget
Regards,
CA SAMIR CHAUDHARY
CAclubindia
