LIC payment qualifies for 80C deduction. I want to know whether the amount should be actually paid by the assessee. Suppose father paid the LICof his Son, Who will get the deduction whether father or son ? Since son has not made his LIC payment will he lose out on 80C deduction in computation of his income?
17 Replies
N.Naveena Maheswara Rao
(Assistant manager for accounts)
(1096 Points)
Replied 25 August 2009
Father can get the deduction u/s 80c
ashish gupta
( student)
(1922 Points)
Replied 25 August 2009
Yes, premium has to be paid by the assessee. father can claim the deduction.
pragati singhal
(NOW A FINAL STUDENT)
(101 Points)
Replied 25 August 2009
For claiming deduction u/s 80C, Policy can be taken in the name of individual, spouse, or any child (whether dependent, independent, married or unmarried). So deduction can be claimed by father.
Anumanchipalli Sathikonda
(Tax Consultant)
(1559 Points)
Replied 25 August 2009
Hello All
Please refer sub-section (4) of Section 80C.
Best Wishes
Sathikonda
Ajay vaghasiya
(Article Assistant)
(55 Points)
Replied 25 August 2009
As per Income Tax Act any assess paid LIC on behalf of his\her Spouse Children can clim as Deduction u\s.80C
Manmohan ACA, CS
(Chartered Accountant )
(14243 Points)
Replied 25 August 2009
As per Income Tax Act any assess paid LIC on behalf of his\her Spouse Children can clim as Deduction u\s.80C
Satish
(CA Final Student)
(479 Points)
Replied 25 August 2009
I agree with Pragati Singhal. Please note that any Life Insurance premium paid by son on life of his parents whether dependent or not is not deductible under section 80C. On the contrary, Father can claim deduction under that section for LIP paid on life of himself, his spouse & children whether or not they are dependent.
CA Rashmi
(final cleared)
(680 Points)
Replied 25 August 2009
deduction can only be claimed by person who pays the LIC, benefit can be claimed if paid for self,spouse or children.
so,the father can claim the benefit inspite of dat if son pays for father he can't claim d benefit bcoz benefit not available on life of parents.
RATIKA BINDRA
(STUDENT)
(144 Points)
Replied 25 August 2009
FATHER WILL GET THE DEDUCTION u/s 80C...............................................
Pradeep Kumar
(Executive - Finance)
(59 Points)
Replied 25 August 2009
FATHER WILL GET THE DEDUCTION u/s 80C........
Boopathy
(41 Points)
Replied 26 August 2009
A person who makes the payment on behalf of family only can claim the deduction u/s 80 c.
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