Section 80C - Father paying my Insurance Premium

775 views 2 replies

Hi Everyone,

My Father is a Senior Citizen, age:69 and is in slab of 30%.

Being a Senior Citizen he cannot get Life Insurance (but he can take benefit of other 80C provisions for deduction upto 1,00,000/-).

 

I am married and have childrens.

I have a seperate income and complete my self target of 80C upto Rs. 1,00,000/- each year.

1) Can my father pay Life Insurance premium for my Life and get benefit of it u/s 80C.?

2) Can he pay the premium for my continuing Life Insurance policy's and get benefit u/s 80C? (In earlier F.Y i have paid the premuims and availed of 80C benefit)

 

 

Replies (2)

Yes . Your father can get the benefit of deduction u/s 80C for the LIP Paid by them.

Section 80C provides for deduction to the assessee in case of payment for , the individual, the wife or husband and any CHILD of such individual.

 

Accordingly, your father can claim benefit for the LIP paid on your life.

Yes, Mr.Rahul is correct. ur father can claim deduction

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