let's assume that husband take a lic and premium paid rs 170000
now in this case can it is possible that husband get benefit rs 140000 in his income tax return and wife get deduction with remaining balance rs 30000 in her it returns.
2 Replies
Anchal Anita Malhotra
(2 Points)
Replied 30 April 2020
Life insurance premium payments can be claimed as deduction under section 80C subject to maximum limit of 1,50,000. Taxpayer can get the deduction for the policy taken in name of taxpayer, his spouse and his children. So in this case husband can take deduction of maximum 1,50,000 (subject to the condition that premium is less than 10% of sum assured) . Wife cannot claim any deduction.
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 30 April 2020
No... wife can't get any deduction.
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