Tax planning u/s 80C

Yes, an individual can claim deduction u/s 80C , if his son is minor.

Payment of LIC Premium Paid by Major Son on his life. Can father claim in his tax return as the father

has reimbursed the son for the same?

Father can not claim the deduction. If clubbing provision is applied then only  father  can claim deduction of his major son u/s 80C.

Yes, agree with Kanchan. As deduction under Section 80C is allowed on payment basis. So the deduction will be available to the person who is making the actual payment.

hi,
LIC premium paid even for major son can be considered u/s 80c.
Main criteria is that who has paid the premium.
If son has paid and he is minor so if clubbing is applicable than father can claim.
If he is major he can only claim and no other than him can claim (if he has paid than).

 

I AGREE WHEN CLUBBING PROVISION

hi,

payment through son's bank account is not allowed as deduction u/s 80C

it is clearly mentioned u/s 80C that the payment for LIC for dependent childrens is allowed as deduction only when the payment is made out of assessee's taxable income. for more details u can visit tax-planning.in.

RSG

Thanx frenz 

Yes Friends ,

I accept Your Views With regard to Clubbing provisions. However, The Individual Can Claim deduction In his IT Returns , though the payment has been made from the sons bank account.

A defence with this regard is  the individual can book a cash payment ( to his son for the purpose of Payment of LIC.), thereby resulting in a contra entry in the sons books.

If Insurance Preimum is paid throgh his Bank account only in that case he is not dependent then i think father can't take deduction 80C

kanchan is correct