For lic deduction

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 January 2016 Sir, I want to know that a person has many LIC like his own name, his wife's name, his son's name and his married daughter's name and unmarried daughter's name. Total Asurance value is 7,00,000 /-. Premium paid yearly total 18,000 /- He has taken all his LIC after 2012. Please tell me how much amount he will get deduction and who are eligible for deduction? His income is taxable. If he has LIC for his parents then will he get deduction?

Please kindly reply anyone.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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06 January 2016 He will not get deduction in respect of the premium paid on the policies of his parents.
.
Life Insurance premium paid on the policies of self, spouse and any child (married/unmarried/minor/major is eligible for deduction U/s 80C max. upto Rs. 150000/ for the Ay 2015-16 .

Querist : Anonymous

Querist : Anonymous (Querist)

06 January 2016 Thank Your for reply

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