06 February 2010
My view,Under Sec.80C Only Spouse,Daughter,Son policy premiums payment can be taken as deduction.so your father cannot take deduction for your children
07 February 2010
Any contribution to premium paid for Life Insurance policies, e.g. LIC policies, is eligible for income tax deduction under Section 80C. Note that apart from premium of your own policie's premium paid for Life Insurance policies of your spouse (wife/husband) or your children is also eligible for exemption under Section 80C. Income tax tip: If you and your wife/husband both have LIC policies, and your spouse's taxable income is in the lowest slab (i.e. he/she has does not have to pay income tax anyway) then you can show both your and your spouse's LIC premium and get more benefit of deduction under Section 80C.
07 February 2010
Policy should be in personal name, spouse name or children name. So your father is not allowed to take deduction u/s 80C. You are also insured by this policy doesn't change the nature of policy.
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