Lic

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 March 2012 sir,

1) if lic is made in the name of wife. can the husband take its credit in his return under 80c deductions?

2) can husband show his wife assets like jeweleries & ornaments in his balance sheet?

kindly help me over this issues.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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06 March 2012 Deduction u/s 80C is allowed for payment of life insurance premium on the life of the individual himself or his spouse.

So, an individual can claim deduction of life insurance premium paid towards a policy of his wife.

Ravi Jhamb

Ravi Jhamb (Expert)
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06 March 2012 Remember Only one person can take exemption in 80C.Your personal assets is different from your business.so you can not add in your Balance Sheet

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