One of my client got one LIC policy from his in-laws where the life insured is his wife and proposer is father-in-law. Now he is paying the premium, can he claim the tax benefit under section 80C. please clarify.
18 December 2012
yes, in 80 C there is no mention of proposer, however for 80 D proposer condition is not there, even if proposer is different, person paying premium can cliam the deduction, taking the same view of 80 D, i assume same may be allowed in 80 C as well.
18 December 2012
U/S 80 C premium paid for spouse is allowed for deduction, condition here is that who is paying premium gets deduction in case of husband & wife.
CAclubindia
