Hi , Is premium paid for dependant brother / sister can be claimed for Income Tax deduction.
rashmi
10 Replies
Max Payne
(employed)
(2574 Points)
Replied 14 January 2010
It depends on the status of assessee, whther HUF or individual.
If individual, only parents, spouse and dependent children are covered for deduction. So it wont be allowed.
If HUF, then the policy can be taken for any member of the HUF to claim deduction in the hands of HUF. So it would be allowed.
Amir
(Learner)
(4016 Points)
Replied 14 January 2010
Dear Rashmi,
G.K. has perfectly explained....................Well done buddy
Batul
(Article assistant)
(207 Points)
Replied 16 January 2010
In the case of an individual, policy can be taken on his own life, life of spouse or any child (dependant/independant, male / female, minor / major, married / unmarried).
In the case of HUF policy maybe taken on the life of any member of the family.
Vivek
(Finally passed CA Final...!!!!!)
(1097 Points)
Replied 16 January 2010
Hi all,
I want add something to the question added by Rashmi.
I have paid the following Medicalim insurance, how much deduction i can claim under 80D.
Myself: 20,000, My Dad (senior citizen) 15000...
CA.G.Muguntha Narayanan
(Internal Auditor at TVS Motors)
(2195 Points)
Replied 16 January 2010
hi vivek,
for urslf its rs.15k and for ur dad its 15k. sorry. forgot the amendt.
C.Balaji
(Learner)
(1867 Points)
Replied 16 January 2010
Mr.Vivek
Urself - Rs.15000 & Dad - Rs.15000(maximum 20000)
Mr.Mukund please check your reply.....
Vivek
(Finally passed CA Final...!!!!!)
(1097 Points)
Replied 16 January 2010
Yes... Balaji is right...
Manish Makhecha
(Article assistant)
(79 Points)
Replied 16 January 2010
if You are talking aboutt for Indiavidual than it would no be allowed as allowed only for the premium paid on policy taken for dependent children, spouse and parents
but in the case of HUF i would be allowed as it allowed for the premium paid on policy taken for any member of the HUF
CA.G.Muguntha Narayanan
(Internal Auditor at TVS Motors)
(2195 Points)
Replied 16 January 2010
ya balaji s right. sory forgot the amndt
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