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Deduction lic premium

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Querist : Anonymous

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Querist : Anonymous (Querist)
24 September 2013 If in any partnership firm son and father both are partners and premium of son paid from partnership firm bank account so can the deduction lic premium is take by the father if lic premium is name of son.
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C A S.S.Agarwal, M.Com.,LL.B,

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C A S.S.Agarwal, M.Com.,LL.B, (Expert)
05 October 2013 The payment has to be debited to the father's capital account and he can claim the same in his income as deduction

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