80c
This query is : Resolved
29 December 2017
lic premium is of Rs. 200000. assessee paid Rs. 150000 and his/her spouse paid balance Rs. 50000 by way of their resp. cheque. so will the deduction be allowable to both of them?
02 January 2018
but as per 80C, 'In computing the total income of an assessee, being an individual or a Hindu undivided family,
there shall be deducted, in accordance with and subject to the provisions of this section, the WHOLE of the
amount PAID or DEPOSITED in the previous year.'
There is no restriction regarding in whose name the policy is issued. Kindly guide.
there shall be deducted, in accordance with and subject to the provisions of this section, the WHOLE of the
amount PAID or DEPOSITED in the previous year.'
There is no restriction regarding in whose name the policy is issued. Kindly guide.
30 September 2021
But there is cap of 1.50 lakhs for deduction. Here the advantage can be taken because of term 'policy taken in name of spouse'
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