Mr.X and Mrs.X are working Direction in a Pvt. Ltd. Company and geting Remuneration Rs. 50000.00 and Rs. 15000.00 p.m. Respectively. Every body has paid Rs. 50000.00 each Premium as LIC sum assured Rs. 500000.00 each so Rs. 50000.00 for each is Gross Qualifying Amount. My Question is, Gross Salary of Mrs.X is under Ceiling Limit and no tax will be charged. But Imcome tax on the income of Mr.x is commuted a lot of amount.
Wether Mr.X can claim the deduction of LIC Premium of both's individual in his computation or not.
CAclubindia
