Life insurance premium paid by father

This query is : Resolved

rajesh (Querist)
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15 March 2014 Hello,

If father pays the premium of Life Insurance (Rs. 75000) of her daughter who is not dependent on him, then whether the daughter can claim deduction under section 80 C of premium paid by his father?

Thanks

Azmathullah Khan

Azmathullah Khan (Expert)
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16 March 2014 Yes, she can claim u/s 80c,provided the father should not claim it and the amount spent on premium will be treated as loan given by father to daughter.

rajesh

rajesh (Querist)
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18 March 2014 If in above case, daughter has already filed return (belated) and had not claimed the deduction under section 80 c, then what should she do? Whether she should file online rectification ?

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CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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18 March 2014 1. Belated return CANNOT be revised. Accordingly you cannot revise the return.

2. The rectification application can be filed for rectifying a mistake apparent from record.

Failure to claim deduction is NOT a mistake apparent from record.

So there is no option available.

rajesh

rajesh (Querist)
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18 March 2014 What consists of "Mistake apparent from records"?

Asha Kanta Sharma

Asha Kanta Sharma

(Expert)
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02 August 2024 "Mistake apparent from records" refers to an error that is obvious and can be corrected without needing a detailed examination or further inquiry. These mistakes are clear and apparent from the documents or records themselves, and generally involve simple, clerical errors or oversight.

Examples include:

Mathematical Errors: Simple calculation mistakes or arithmetic errors that can be easily identified.
Clerical Mistakes: Errors in transcription or data entry, such as incorrect figures entered into forms.
Errors in Application: Incorrect application of tax provisions that are clear from the records.
Procedure to Correct Such Mistakes:

Revising Returns: For income tax returns, if you find such mistakes after filing, you can file a revised return to correct the errors.
Rectification Application: If the mistake is identified after an assessment has been completed, you can apply for rectification under Section 154 of the Income Tax Act.
Examples of Common Mistakes Apparent from Records:

Incorrect figures reported due to clerical errors.
Wrongly entered PAN or bank details.
Misapplication of standard deductions or tax credits.