Itr

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

08 April 2013 this year onwards i have decided to file my itr 1. i have recently joined a company last month so this time my salary is not under the taxable slab.my question is my father doesn't file itr , he has taken lic in my name and pays premium annually can i take the deduction of premium paid by my father u/s 80c,showing that i paid the premium amount.

please reply.
thanks in advance.

PALASH

PALASH (Expert)
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08 April 2013 NO, MADAM, SORRY, YOU CAN'T TAKE DEDUCTION U/S 80C FOR LIC PREMIUM PAID BY YOUR FATHER . FIRST OF ALL , TRY TO UNDERSTAND THAT, YOU TOTALLY ( IF UNMARRIED ) DEPENDENT ON YOUR FATHER ,SO, YOUR FATHER CAN TAKE DEDUCTION U/S 80C FOR PREMIUM PAID BY HIMSELF , WHILE PREPARING HIS OWN IT FILE BUT YOU CAN'T.

Thanking You,
PALASH RAKSHIT.

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CA Prashant Shrivastava

CA Prashant Shrivastava (Expert)
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08 April 2013 A person who pays the LIC premium for his policy or for policy of dependent children or spouse gets the deduction u/s 80C. In above situation it will not possible for you to take the advantage of premium paid by your father. However, you may pay the premium form next time and claim deduction u/s 80C.

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Querist : Anonymous

Querist : Anonymous (Querist)

08 April 2013 BUT SRIVASTAVA JI HOW WILL IT DEPT KNOW WHETHER THE PREMIUM IS PAID OUT OF MY TAXABLE INCOME OR MY FATHER'S INCOME.

CA Prashant Shrivastava

CA Prashant Shrivastava (Expert)
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08 April 2013 Pay premium through your bank account only.

PALASH

PALASH (Expert)
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08 April 2013 AS FAR AS YOUR 2ND COMMITMENT IS CONCERNED, PLEASE MADAM,PLEASE , PLEASEEEEEEEEEE TRY TO UNDERSTAND & I REQUEST YOU , ONE THING YOU MUST REMEMBER THAT,
" RULES ARE RULES , NO ONE CAN DENY THIS & WE HAVE TO RESPECT IT UNDER ANY CIRCUMSTANCES & AT ANY COST & DEFINITELY , WE ARE NOT ABOVE THE RULES.
& I ADVISE YOU THAT " DON'T YOU EVER TRY TO VIOLATE ANY IT RULES "
Thanking You,
PALASH RAKSHIT.

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Querist : Anonymous

Querist : Anonymous (Querist)

09 April 2013 in preparation of p/l as per schedule vi under employee cost compensation apart from salary and wages to employees EMPLOYERS CONTRIBUTION TO PF ESI ALSO COMES?

CORRECT?
PLEASE REVERT BACK AS SOON AS POSSIBLE

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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28 May 2013 Be practicaland refer to the section itself it says paid or deposited. Since you have not paid you cannot take the benefit just to reduce the tax liability. Do one thing you pay from your bank account and take certain amount as gift from your father your bank balances will not be affected. Se the provisions which is reproduced below:-

Deduction in respect of life insurance premia, deferred annuity, contributions to provident fund, subscription to certain equity shares or debentures, etc.

In computing the total income of an assessee, being an individual or a Hindu undivided family, there shall be deducted, in accordance with and subject to the provisions of this section, the whole of the amount paid or deposited in the previous year, being the aggregate of the sums referred to in sub-section (2), as does not exceed one lakh rupees.

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