17 September 2012
My client's father has retired last month . he had taken a LIC policy in the name of his son . Now his son is paying the premium of said LIC . now i would like to know that who is entiled for the deduction u/s 80C in both the conditions i.e i) father's income is taxable ii) father's income is not taxable.
17 September 2012
If the policy is in the name of the son and he is paying the premium then he will be entitled to the benefit of deduction u/s 80C. Father's Income is not relevant.He can get benefit only where he pays premium and in that case son will not get deduction u/s 80C
CAclubindia
