80 c

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 May 2013 can wife claim the deduction of lic premium paid by husband through his a/c for himself,if husband didn't claim it.

Suresh Mittal

Suresh Mittal (Expert)
Follow

18 May 2013 NO, the deduction is available only to the person(out of the husband/wife) who actually had made the payment.

Message likes : 1 times

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

18 May 2013 Yes, she can claim deduction U/s 80C. Premium payment need not be from the income of the claimant.

Message likes : 1 times

Upgrade to CAclubindia Pro. Subscribe Now!

Suresh Mittal

Suresh Mittal (Expert)
Follow

18 May 2013 As per Sec 80C(2)".....any sums paid or deposited in the previous year by the assessee". The payment is to be made by the assessee who is claiming the deduction.

Message likes : 1 times

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

18 May 2013 I stand corrected. Thanks to Mr. Mittal.

Querist : Anonymous

Querist : Anonymous (Querist)

18 May 2013 it means person making payment of premium can claim deduction only.
if in above if policy is in name of wife will it make difference(payment made by husband)

Guest

Guest (Expert)

19 May 2013 If husband made LIC payment for himself only he can claim such deduction,
But if husband made Payment for his wife then wife can claim if husband hasn't.

But in lack of adequate information as premium mostly paid in cash, wife can also claim deduction

Message likes : 1 times

Suresh Mittal

Suresh Mittal (Expert)
Follow

19 May 2013 If husband has made payment of LIC premium for wife, through his account then only he can claim the deduction.

Upgrade to CAclubindia Pro. Subscribe Now!

Querist : Anonymous

Querist : Anonymous (Querist)

19 May 2013 thanks to all.

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
Follow

06 July 2013 Yes only the person who pays the premium is entitled for the deduction and no one else except payment made for the insurance premium of minors and that too also is to be claimed by the mother or father or grand father or mother who pays the premium. I agree with the experts they have given the proper provisions of Section 80C