Section 80C - Father paying my Insurance Premium

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A.C.A.
155 Points Joined May 2010

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)

 

 

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On 21 June 2010 at 13:01 Report
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Project Controller ACA MBA(Fin.)
8019 Points Joined July 2007

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.

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On 21 June 2010 at 13:25
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Internal Auditor at TVS Motors
2195 Points Joined January 2010

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

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On 21 June 2010 at 14:02


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