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Exemption of lic

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(Querist)
21 February 2013 Dear Sir,

I am salaried employee and i took LIC and paid premiums for my parents which dont have source of income

Can i claim those Premium as exemption under u/s 80C
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Arun Biyani

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Arun Biyani (Expert)
21 February 2013 no for u, spouse and children only..Even if the parents are dependent on the individual the premium paid does not qualify for deduction under section 80c......
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CA Bharat kumar

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CA Bharat kumar (Querist)
21 February 2013 Thanks Arun sir
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