Income tax 80c

This query is : Resolved

Avtar Singh (Querist)
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07 February 2012 suppose i am having a LIC policy in my name i.e. I am the policy holder but the premium is paid by the debit / credit card of my dad i.e. payment is made by my dad.

So as per this situation who is eligible to get exemption under 80C:- Me or My dad ?

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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07 February 2012 Your dad get the exemption under section 80C.
OM SAI SRI SAI JAI JAI SAI

Avtar Singh

Avtar Singh (Querist)
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07 February 2012 Can u plz tell me the relevant facts and the link

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Guest

Guest (Expert)

07 February 2012 It will be available to the person who has paid the premium.

Pls visit this link :

http://law.incometaxindia.gov.in/DIT/File_opener.aspx?page=ITAC&schT=&csId=5cc58b11-ea04-4050-88b4-70686201a409&rdb=sec&yr=e5be6bdb-1fc4-42d6-ac7b-34a44fd65485&sec=80c&sch=&title=Taxmann%20-%20Direct%20Tax%20Laws

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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07 February 2012 Under section 80C deduction will be available on the payment basis and to the payer. An assessee can claim deduction 80C for LIC premium if paid by him on his name or his spouse name or his children's name. In your case you dad paid your premium through his bank account based on it the premium is by your dad so based on the above provision only your dad get the such deduction of under section 80C.
OM SAI SRI SAI JAI JAI SAI