Deduction u|s 80c

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 January 2014 can a father claim a deduction on a lic premium of Rs10000 paid for his son from his(father) bank a/c, if his son is 30 yrs of age

Guest

Guest (Expert)

07 January 2014 The sums referred to in sub-section (1) shall be any sums paid or deposited in the previous year by the assessee—

(i) to effect or to keep in force an insurance on the life of persons specified in sub-section (4);

(4)The persons referred to in sub-section (2) shall be the following, namely:—

(a) for the purposes of clauses (i), (v), (x) and (xi) of that sub-section,—

(i) in the case of an individual, the individual, the wife or husband and any child of such individual, and

(ii) in the case of a Hindu undivided family, any member thereof;

So according to this a father can claim deduction.

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