deduction U/s 80 C

This query is : Resolved

krishnakumar kabra (Querist)
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13 August 2009 Hi to all

My query is relating to Deduction u/s 80C. I am working in MNC. Company has taken the group insurance but premium for this has been deducted from our salary. policy is taken in the name of MNC welfare trust and amount is deducted for contribution to that welfare trust. can it be claimable under section 80 C

Manoj

Manoj (Expert)
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13 August 2009 I Think your company would have shown less salary paid to you in there records. So don't have to do anything. Mean they would have shown in there records = your gross salary less deduction for insurance premium.

Manoj

Manoj (Expert)
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13 August 2009 You can not claim it as deduction u/s 80C or 80 d

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Venkat Rao Marella

Venkat Rao Marella (Expert)
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13 August 2009 for claiming deduction U/s 80C, the policy should be in the name of the person claiming the deduction or the in the name of eligible dependants as mentioned in Sec 80c.

Thus, even though u r employer is deducting the amount from ur salary, u cannot claim that as deduction.

The employer is deducting the amount from u r salariy because of his own benifit...what ever amount is paid by the employer towards group health insurance policy of the employees as reduced by amount recovered from the employees will be charged to FBT in his hands (Till 1st qtr of 2009-10, where FBT was in existance).

Since hsi amount of taxable value of expenses qualifying for FBT comes down, some of the employers are deducting / recovering the amount from emlpoyees.

regards,
Venkat.