Tax planning in lic
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 July 2013
LIC PREMIUN PAID BY THE FATHER FOR THE SON TO GET THE BENEFIT OF 80C AND THEN DEUCTION IS CLAIMED BY THE FATHER IN HIS RETURN.
SON SHOWS THE LOAN TO BE PAID BY HIM TO HIS FATHER . AND SON WILL BE GOING TO PAID THIS SUM TO HIS FATHER AS THE FUND AVAIABLE?
IS 80 C DENIED ON SUCH ARRANGEMENT?
SON SHOWS THE LOAN TO BE PAID BY HIM TO HIS FATHER . AND SON WILL BE GOING TO PAID THIS SUM TO HIS FATHER AS THE FUND AVAIABLE?
IS 80 C DENIED ON SUCH ARRANGEMENT?
16 July 2013
LIC premium under 80C can be claimed by own spouse and for children. so this case son also is eligible to claim the deduction since the policy in his name
16 July 2013
Any amount that you pay towards life insurance premium for yourself, your spouse or your children can also be included in Section 80C deduction. Since father is claiming the exemption no need for any arrangemnet since father is paying the LIC
Premium of Child. Father can claim deduction u/s 80C.
Premium of Child. Father can claim deduction u/s 80C.
18 July 2013
IF FATHER IS SHOWING THE AMOUNT OF LIC PREMIUM PAID FOR SON, UNDER THE CIRCUMSTANCES THIS IS LOAN GIVEN TO SON,FATHER CAN NOT CLAIM DEDUCTION FOR THIS AMOUNT U/S. 80C.
25 August 2013
No the son cannot take the benefit of the payment made by the father rather you should first take the loan and then you make the payment from your account to claim the benefit by the son.
Since the premium has been paid by the father he can only take the benefit u/s 80C
Since the premium has been paid by the father he can only take the benefit u/s 80C
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