Deduction u/s.80c
This query is : Resolved
06 October 2012
Dear Sir
when i was minor,the Life insuarnce policy was purchased by my parent for my life of their own name from theie own fund and premium was piad from their bank account and also claimed in theit=r retrun of income as deduction under chapter VI-A,now I became a matured,accordingly I have paid premium of said policies and also claimed as deduction under chapter VI-A in my return of income, my question is that is it true, can i take deduction benefit in my retrun of income as per incoem tax provision? kindly give me replay of above query as soon as posible.
Thanks
Vinod
when i was minor,the Life insuarnce policy was purchased by my parent for my life of their own name from theie own fund and premium was piad from their bank account and also claimed in theit=r retrun of income as deduction under chapter VI-A,now I became a matured,accordingly I have paid premium of said policies and also claimed as deduction under chapter VI-A in my return of income, my question is that is it true, can i take deduction benefit in my retrun of income as per incoem tax provision? kindly give me replay of above query as soon as posible.
Thanks
Vinod
06 October 2012
if policy in the name of parents then you can not claim the deduction u/s 80c
07 October 2012
If the policy is in your name, you can pay the premiums and take the benefit of 80C deduction.
Any amount that you pay for yourself, your spouse or children qualifies for deduction u/s 80C.
But premium paid by you for your parents do not qualify for deduction u/s 80C
Any amount that you pay for yourself, your spouse or children qualifies for deduction u/s 80C.
But premium paid by you for your parents do not qualify for deduction u/s 80C
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