If an employer pays rs.xx of salary to his employees.
Later, employer pays ULIP premiums for his employees .... This ULIP payment would defeneatly be taken as his expenses
This ULIP payment would be incl. in employee salary income.
MY QUESTION IS:
CAN EMPLOYEE CLAIM THIS ULIP PAYMENT AS HIS DEDUCTION U/S.80C
My reason for asking this is that , even if employer had given this ulip amount as addl. salary ..... then the employee paid it into ULIP it would defeneatly be his deduction. BUT WHY NOT WHEN THE EMPLOYER HIMSELF GOES OUT TO DO IT ... SINCE THIS PAYMENT IS ADDED TO EMPLOYEE INCOME IT IS HIS MONEY, RIGHT. It won't be perqs.
Situation 2: Would your answer be different if i say that THE EMPLOYER PAYS THESE ULIP FOR EMPLOYEE LOYALITY SERVICE. IN CASE IF EMPLOYEE LEAVES COY WITHIN A SPECIFIED PERIOD, EMPLOYEE WON'T BE PAID THE MATURITY AMT.