Lic premium paid by employer for employee
This query is : Resolved
28 June 2018
ABC( Firm-employer) "R" (Employee)
Employer paid LIC premium for "R"
My query is: (From the part of Employer)
1) Can Firm(employer) show it as expense.
2)If yes, under which head it can show?
My Query( from the part of Employee)
1)Is it , taxable perquisite of employee ?
2)Can it, claim under 80C
Sir, kindly give a detailed reply the effect in the both side...
Thanks in advance.
Employer paid LIC premium for "R"
My query is: (From the part of Employer)
1) Can Firm(employer) show it as expense.
2)If yes, under which head it can show?
My Query( from the part of Employee)
1)Is it , taxable perquisite of employee ?
2)Can it, claim under 80C
Sir, kindly give a detailed reply the effect in the both side...
Thanks in advance.
28 June 2018
If employer pay LIC on behalf of employee the same will be taxable in the hands of employee as perquisit to be added to salary,once it taxed it can be claimed by employee as 80C.
29 June 2018
What effect in the part of employee....Not answered for the first part?
30 June 2018
Employer any thing paid for on behalf of employee it will be salary and considered as exps.
Employees - LIC paid by employer on his behalf without deduction from salary is considered as perks taxable in the hands of employee.
Once it is considered as taxable same can be claimed under 80C
Employees - LIC paid by employer on his behalf without deduction from salary is considered as perks taxable in the hands of employee.
Once it is considered as taxable same can be claimed under 80C
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