Dear Friends,
I am paying my mother's LIC premium in such a way that, first i deposit cash in her account and then premium gets transfer electronically. So, can i get deduction u/s 80C ?
5 Replies
Shishir Nayak
((Expert))
(369 Points)
Replied 20 June 2016
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.
CA Prateek Garg
(CA in Practice)
(1447 Points)
Replied 20 June 2016
deduction for insurance premium is available only if insured is self, spouse or children...
no deduction where mother is insured..
no deduction where mother is insured..
Louza
(CA Final )
(244 Points)
Replied 21 June 2016
Section 80C deduction cannot be allowed for Mother.Applicability is confined to Self,Spouse and children.No deduction can be claimed.
sunita
(article)
(80 Points)
Replied 23 June 2016
yes u can get deduction, but make sure only one person can take deduction u/s 80c either you or your mom.
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