Can i claim lic premium amount that is paid by my company

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manjunth S

manjunth S (Querist)
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19 March 2016 Can i claim LIP premium amount that is paid by my company on behalf of me by regularly ?

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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20 March 2016 Yes. If Premium is paid by deduction from salary or it should be part of perquisite and same is paid on behalf of you.

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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20 March 2016 Yes. If Premium is paid by deduction from salary or it should be part of perquisite and same is paid on behalf of you.

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manjunth S

manjunth S (Querist)
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20 March 2016 sir it's not deducted in salary.that policy premium is rs 2500 paid by copany remains only deducted in salary it's very less amount so can I claim that lip premium

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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20 March 2016 What is the nature of Policy? Is it group insurance policy? If yes then there is no deduction available to you.

manjunth S

manjunth S (Querist)
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20 March 2016 no its an individual policy

manjunth S

manjunth S (Querist)
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20 March 2016 no its an individual policy

manjunth S

manjunth S (Querist)
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20 March 2016 no its an individual policy

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KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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20 March 2016 Anything paid by company amounts to perquisite, first you have to add to salary, than same can be claimed has deduction.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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20 March 2016 You can claim it as deduction u/s 80C. If the amount is not deducted from your salary then the amount so paid by the company will be taxable in your hand as perquisite.

manjunth S

manjunth S (Querist)
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21 March 2016 thank you sanjay guptha