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
Guest
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.
Querist :
Anonymous
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.
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