80C : Can LIC premium paid for Dependent Parents be claimed u/s 80C
80C : Can LIC premium paid for Dependent Parents be claimed
Girish Joshi (Practice) (67 Points)
14 February 2011
15 Replies
Pankaj Arora
(Learner)
(3134 Points)
Replied 14 February 2011
You can take exemption u/s 80D for health insurance of dependent parents.
pinkesh
(Financial Analyist)
(29 Points)
Replied 14 February 2011
LIC premium paid for parents whether depended or not, is not eligible for deduction U/s. 80 C
Pankaj Arora
(Learner)
(3134 Points)
Replied 14 February 2011
You can take exemption u/s 80D for health insurance of dependent parents.
CA C.JANANI
(partner)
(270 Points)
Replied 14 February 2011
80 c available only on individual,spouse or dependent children whether married or unmarried. 80 d can be claimed only if it s a medicalim policy.if it is life policy no.
CMA. CS. Sanjay Gupta
("PROUD TO BE AN INDIAN")
(114225 Points)
Replied 14 February 2011
Life Insurance Premiums: Any amount that you pay towards life insurance premium for yourself, your spouse or your children can also be included in Section 80C deduction. Please note that life insurance premium paid by you for your parents (father / mother / both) or your in-laws is not eligible for deduction under section 80C. If you are paying premium for more than one insurance policy, all the premiums can be included. It is not necessary to have the insurance policy from Life Insurance Corporation (LIC) – even insurance bought from private players can be considered here.
@*CS Siddharth Bumb. *
(B.Com, CA Final, CS )
(5270 Points)
Replied 14 February 2011
yes agree with Mr Sanjay Gupta....
Annu.R
(CA,CS,B.Com)
(2788 Points)
Replied 15 February 2011
Insurable intrest only on spouse and depandent children not on dependent parents.Only Wife for husband or vice -versa and dependent children in Insurance or claimed for deduction u/s 80C and 80CCC(where there life cover applied in pension plan).Even Life insurance cann't take others cheque, where life cover applied in insurance policy except above mentioned (Wife for husband or vice -versa and for dependent children only).
Regards
Abishek
(Student)
(1108 Points)
Replied 15 February 2011
What if the Life insurance premium paid is in the name of individual , spouse and also parents together? how can 80 c deduction be claimed in that case?
Ajinkya
(Accountant)
(126 Points)
Replied 29 February 2016
IF LIC Premium paid by father for the children whose age is 23 then in that case Father can take the benefit of LIC Premium under 80C or Not?
ALOK RANJAN
(ACCOUNTS OFFICER)
(128 Points)
Replied 29 February 2016
DEFINETLY YOU CAN CLAIM DEDUCTION. BUT PREMIUM PAID FOR FATHER IN LAW & MOTHER IN LAW IS NOT ALLOWED. BECAUSE HE DOES NOT QUALIFY THE DEFINITION OF FAMILY AS PER SEC 80D OF INCOME TAX.
Kapil Kumar Nagpal
(article)
(31 Points)
Replied 22 July 2017
LIC paid for his independant Children allowed?
Siddharth Goel
(Chartered Accountant)
(3031 Points)
Replied 20 June 2018
Individual can pay life insurance premium on the policy of following
- On himself
- On Wife/husband(dependent or not)
- Child
- Major or minor
- Earning any income or dependent
- Married or unmarried
Lohit Saravana
(2 Points)
Replied 13 February 2019
Hi I have a doubt in Life Insurance Policy, Im a LIC Policy Holder & im paying the Insurance Amount but i have Insured in my father's name, in this case can i claim the 80c Exemption.
In receipt it is clearly mentioned that i'am a policy Holder & insured person is my father.
Need urgent solution.
lohit.d @ greytip.com
mohit sarda
(Tax Consultant)
(22 Points)
Replied 08 July 2019
As per my knowledge LIC paid for Dependent children can be taken as deduction.
If child is independent then Deduction cannot be taken by Parent.
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