03 August 2012
ONE OF MY CLIENT HAS INVESTED RS.1,18,000.00 AS LIC PREMIUM IN A FINANCIAL YEAR.MY QUERY IS WHETHER HE CAN CLAIM RS.1,00,000.00 AS 80C DEDUCTION AND BALANCE AMOUNT IN HIS WIFE'S NAME OR HE IS ONLY ELIGIBLE FOR 80C DEDUCTION UPTO RS.1,00.000.00 AND BALANCE AMOUNT HAS NO FURTHER SIGNIFICANCE. PLEASE HELP ME IN THIS REGARDS.
03 August 2012
if the policy is in the names of both (Joint holders), both can claim equally, otherwise it should be restricted to 1.00 lakh as a 80C deduction.
CAclubindia
