Tax computation

 Not at all ! 

hi

it should be

No, A person who pays LIC and others will get it as deduction. if Husband pays, he will get and if wife pays she will get. Not both will get.

Yup Krutesh is correct, its the payer who will get deduction and not the person in whose name policy is taken....

The simplest reason being, the income earner is spending amount from his own pocket, so obviously its him who has to enjoy the benefit of deduction atleast....

 No both of them cannot claim it sir

Respected All Friends,

Say husbend & wife both r salaried or professional & they r paying their childrens school education fees & also they r having loan account running between them, then if one persons limit U/S - 80C completed by Rs.100000 then any payment made by such one person for childrens school fees can be adjusted as loan to or loan repayment of other one, simply as because such person will not be benifited by paying such extra amount, but other will be benifited if that persons limit of Rs.100000 has not been elapsed.

Thanks

Debashis

agree with dhiraj..

As such, the case u mentioned, here CLUBBING OF INCOME do comes in between... Either its the wife or the husband, whose income will be considered for deduction of such expenses....

I mean, though both of them are paying together the amount, but deduction is not bound in any ratio.. If husbands' limit is over, wife cannot claim the remaining amount, just because she doesn't have any other thing to claim or has sufficient limit to claim the same.... It is never like that....

Its the contribution made by each of them towards the payment, and at the end, clubing of income is attracted.....