Lic premium

This query is : Resolved

Deepak Kumar Jha (Querist)
Follow

01 February 2013 Dear Expert,
kya koi person apne 18 saal se upar ke child ka LIC premium payment karke apna Income Tax Exemption le sakta hai?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

01 February 2013 U/s 80C -"Children" of the assessee word has been used. "Bachhe" to "Bachhe" hi rahange...kitne hi Bade kyon na ho jaye.
.
Yes he can get Deduction U/s 80C.

Message likes : 1 times

C.A. C.S. Meera Doshi

C.A. C.S. Meera Doshi (Expert)
Follow

01 February 2013 Yes, I totally agree with Mr.Paras!

Upgrade to CAclubindia Pro. Subscribe Now!

Deepak Kumar Jha

Deepak Kumar Jha (Querist)
Follow

01 February 2013 Thanks Sir

Deepak Kumar Jha

Deepak Kumar Jha (Querist)
Follow

01 February 2013 Sir,
Agar child ki apni income hai tab bhi benifit uske father ya mother ko mil sakta hai?

CA Prashant Gupta

CA Prashant Gupta (Expert)
Follow

01 February 2013 yes, child can be dependent/independant, major/minor, there is no issue.
So if child has his own income than also father can get 80C benefit