CA Krishna Chaitanya M (Chartered Accountant) (463 Points)
07 January 2013Is life insurance payment of married daughter eligible in the hands of parent to claim deduction u/s 80c?
another one is NSC bonds taken in the name of propreitor and transfer {pledge } those bonds for obtaining food grain lisence for business purposes, Payment for NSC bond eligible for deduction u/s 80c eventhough it is pledged ?
Roshan Thomas
(C.E.O )
(356 Points)
Replied 07 January 2013
There is no restriction on allowability u/s 80C for life insurance premium paid for married daughter. It is allowable
In case of NSC, even if pledged it is allowable as deduction
kavitha
(studying final)
(830 Points)
Replied 08 January 2013
u/s 80C . Life insurance paid for own, spouse and children ( major or minor, dependent or independent)
is allowable. so under 80 C u can avail deduction.
NSC- it is eligible for deduction even though it is pledged
CAclubindia
