Deduction u/s 80c
This query is : Resolved
09 April 2016
Sir, my client has three LIC policy. 1st for his own, 2 nd is for his wife, and 3 rd is for his married daughter. The policy taken by him for daughter before marriage. After marriage of his daughter can he claim deduction u/s 80c?
Is there any will arise from IT dept i.e his daughter is married and suppose premium is paid by his husband then?
Premium paid by cash not cheque.
Is there any will arise from IT dept i.e his daughter is married and suppose premium is paid by his husband then?
Premium paid by cash not cheque.
09 April 2016
he cant claim premium of daughter's policy
10 April 2016
Premium of LIC policy can be paid in cash for getting benefit U/s 80C.
.
U/s 80C, an assessee can claim deduction in respect of premium paid for the policy on life of his/her child. There is no specification like married or unmarried daughter. A daughter is always a child of her parents irrespective of her marital status. Pl. refer Section 80C(4).
.
Daughter's husband can claim deduction if he pays the premium.
.
In respect of the any premium amount, only one person can claim the deduction.
.
U/s 80C, an assessee can claim deduction in respect of premium paid for the policy on life of his/her child. There is no specification like married or unmarried daughter. A daughter is always a child of her parents irrespective of her marital status. Pl. refer Section 80C(4).
.
Daughter's husband can claim deduction if he pays the premium.
.
In respect of the any premium amount, only one person can claim the deduction.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Applicability
- Is Aadhar PAN linking required for opening bank account?
- Where to show the RCM on Rent paid to unregistered landlord
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Application of 115BAC
- RCM - commercial rent paid to URP under GST
- Offsetting interest income against derivative trading losses
- TDS NUMBER SURRENDER
- GSTR-3B - Do I file nil when there is no sale but I've bought raw materials
- Legal heir raised refund , but refund issued to the closed account of deceased.
- Whether still royalty
- 20% OF DEMAND PAYMENT IN APPEAL
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
