08 January 2013
LIC premium receipt is on name of husband for LIC’s Jeevan Saathi policy but not paid by husband. So can wife claim deduction u/s 80c against her income by producing that premium receipt along with letter from husband stating that he will not be claiming?
08 January 2013
If "Not paid by husband"- is taken as "paid by the wife", then she can definitely claim deduction U/s 80C. There is no need to state anything by the husband.
09 January 2013
Deduction for insurance premium paid on the poilciy of family mmembers is available provided the same is paid out of the taxable income. The family member includes spouse be it the husband or wife. In the case of jeevan sathi it is a joint poilicy which covers the spouse, therefore the claim can be made by the person who has paid the poilicy premium amount. It is mandatory to be in the name of the person making the premium payment.
09 January 2013
I was told by the LIC agent that for the Jeevan saathi policy the premium receipt will always come in the name of husband regardless of who pays the premium. Is that true. If "YES" how to claim for tax benefit for wife. If "NO" then how to get the receipt in wife's name.
CAclubindia
