tax benefit on group term life insurance


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Querist : Anonymous

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Querist : Anonymous (Querist)
29 January 2011 Dear Sir/Madam,
Please, , need ur help
is there any tax benefit in case of premium paid by emloyees towards Group Term Life Insurance(GTLI).

Its Urgent

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Guest

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Guest (Expert)
29 January 2011 In my opinion, insurance premium paid to effect or to keep in force an insurance on the life of assessee etc. will be eligible u/s 80C whether it is paid singly or jointly if the insurance premium is defined for the assessee etc.

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Querist : Anonymous

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Querist : Anonymous (Querist)
30 January 2011 Sir, thanks for your reply,
but group term insurance is an accidental coverage, and hence there is no tax benefit,
actually i had asked to many peoples some said is is eligible fr deduction some says it is not.
i am got confused , is there any setion or provision which defines it clearly.


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Guest (Expert)
30 January 2011 You may refer sec. 80C(2)(i) which does not debare group insurance. Morever, by various circulars, CBDT has also allowed deductions of many group insurances

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Querist : Anonymous

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Querist : Anonymous (Querist)
02 February 2011 thnaks sir



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