my deduction u/s 80C is exceeding 1lakh (i.e. Rs.1.5lacs of LIC premiums paid)(all LIC premiums) can my wife claim the balance LIC as deduction in her name under 80C of income tax pls reply.
4 Replies
CS,CA F,Numrologi TusharSampat
(CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert)
(85930 Points)
Replied 25 July 2011
Deduction is avalaible to only that person who has made investment subject to celing of Rs 1,00,000 u/s 80C.
CA Vibhash Kumar Sah
(Associate Manager)
(710 Points)
Replied 25 July 2011
| Originally posted by : ravi | ||
 |
my deduction u/s 80C is exceeding 1lakh (i.e. Rs.1.5lacs of LIC premiums paid)(all LIC premiums) can my wife claim the balance LIC as deduction in her name under 80C of income tax pls reply. |
 |
if you can prove that the some premium has been paid by your wife out of her taxable Income, deduction can be claimed by ur wife to the extent of premium paid by ur wife.
Prachi
(CA FINAL)
(2309 Points)
Replied 25 July 2011
| Originally posted by : CA Vibhash Kumar Sah | ||
|
Originally posted by : ravi my deduction u/s 80C is exceeding 1lakh (i.e. Rs.1.5lacs of LIC premiums paid)(all LIC premiums) can my wife claim the balance LIC as deduction in her name under 80C of income tax pls reply. if you can prove that the some premium has been paid by your wife out of her taxable Income, deduction can be claimed by ur wife to the extent of premium paid by ur wife. |
|
agreed
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