I have paid a life insurance premium which cover under 80c to my nephew. In the premium paid receipt my name is shown as proposer. The premium paid from my bank account. Pls advice can i (here i am the propose) get the benefit under 80c
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Tax benefit under 80c
Replies (4)
no you can't get benefit.only premium paid for self spouse children parents is eligible for deduction
Yes... I agreed to Mr Giridhar S Karandikar...
@ SMITHA N K.,
You can't claim the LIP amount under 80C.
@ SMITHA N K.,
You can't claim the LIP amount under 80C.
Thanks for your reply
Agree with above comments.
Deduction for LIP is available only if the policy is taken in the name of
-
taxpayer or
-
his/her spouse
-
or his/her children
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