Deduction U/s 80C
This query is : Resolved
09 January 2010
Dear All,
Good Day,
Mr.X and Mrs.X are working Direction in a Pvt. Ltd. Company and geting Remuneration Rs. 50000.00 and Rs. 15000.00 p.m. Respectively. Every body has paid Rs. 50000.00 each Premium as LIC sum assured Rs. 500000.00 each so Rs. 50000.00 for each is Gross Qualifying Amount.
My Question is, Gross Salary of Mrs.X is under Ceiling Limit and no tax will be charged. But Imcome tax on the income of Mr.x is commuted a lot of amount.
Wether Mr.X can claim the deduction of LIC Premium of both's individual in his computation or not.
Please advise.
B'regards
Saran
Good Day,
Mr.X and Mrs.X are working Direction in a Pvt. Ltd. Company and geting Remuneration Rs. 50000.00 and Rs. 15000.00 p.m. Respectively. Every body has paid Rs. 50000.00 each Premium as LIC sum assured Rs. 500000.00 each so Rs. 50000.00 for each is Gross Qualifying Amount.
My Question is, Gross Salary of Mrs.X is under Ceiling Limit and no tax will be charged. But Imcome tax on the income of Mr.x is commuted a lot of amount.
Wether Mr.X can claim the deduction of LIC Premium of both's individual in his computation or not.
Please advise.
B'regards
Saran
09 January 2010
If both the premium is paid by Mr. x then he can claim the deduction of both i.e.50000+50000 in his computation of income
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