Deduction u/s 80c
This query is : Resolved
05 March 2010
I am 37 years old and earning taxable income. My father age is 75 years and also has taxable income. My query is if I get insurance in my name and premium paid my father. Can My father claim deduction u/s 80C on the premium paid by him on my policy. Please advice
05 March 2010
Dear Ashok,
Your father cannot claim deduction u/s 80C on LIC premium paid by him on your policy as you are an independent child. It would have been allowable only if you were dependent child.
Your father cannot claim deduction u/s 80C on LIC premium paid by him on your policy as you are an independent child. It would have been allowable only if you were dependent child.
05 March 2010
In 80 C assessee can claim deduction of premium paid for insurance of himself , spouse and his children ( Dependent or independent dosent matter)
So in your case your father can take exemption .
So in your case your father can take exemption .
05 March 2010
Agree with Mr.Robin for claiming Sec.80 Insurance premium need Son/Doughter ( Dependent or Independent , Married or Un married ) can be claimed by a Assessee
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Payment of bonus act - notice pay recovery
- MIS MATCH OF INVOICE NUMBER
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
Trending Online Classes
CAclubindia
