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)
CAclubindia
