who will get deduction under 80 c ?

This query is : Resolved

AMIT (Querist)
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19 July 2010
Mr. A > Son,(Salary income only)
Mr. B > Father

If Mr. A( already a income tax payer for salary income )
takes a life insurance policy and premium of which is paid by Mr. B ( father )

No clubbing of income is applicable as Mr. B is a business man having biz income

My query is >

1. Who can claim Dedcution for the premium paid under section 80 c ?

2. In other CASE ,if Rs.2500 premium is paid by Mr. A and Rs.2500 premuim by Mr. B , Who will get deduction under sextion 80 cand of how much amount ?

DR GAURAV GUPTA FCA, FCS, LL.B

DR GAURAV GUPTA FCA, FCS, LL.B (Expert)
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19 July 2010 AS PER SECTION 80C LIC PREMIUM CAN BE PAID FOR THE CHILDREN WHETHER DEPENDENT OR NOT SO MR. B WILL CLAIM THE DEDUCTION OF 80C FOR THE LIC PREMIUM PAID FOR MR.A IT DOES NOT EFFECT THAT MR. A IS INDEPENDENT
IN SECOND QUERY MR.A WILL CLAIM 2500 AND MR.B WILL CLAIM 2500 U/S 80C

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