Deduction of lic premium
S.K.Agrawal (Others) (114 Points)
04 August 2015S.K.Agrawal (Others) (114 Points)
04 August 2015
Udgam Koomar
(Tax Technologist)
(1949 Points)
Replied 05 August 2015
if you pay then you can claim, cash is a differnt matter
S.K.Agrawal
(Others)
(114 Points)
Replied 05 August 2015
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 06 August 2015
Dipjyoti Majumdar
(CA in service & CS. dipmaj@ rediffmail.com )
(3468 Points)
Replied 06 August 2015
I would like to differ. The person making the payment is entitled to deduction. If the father is paying for LIC policy of his son, then the father is eligible to deduction under section 80C.
Regards,
S.K.Agrawal
(Others)
(114 Points)
Replied 06 August 2015
Hitesh Khanna
(Accounting & Finance Taxation Company Law Audit )
(839 Points)
Replied 07 August 2015
What you have read in the site is Correct.
The person paying the Premium is only eligible for claiming deduction.
If you pay by chq, your son is not eligible to claim deduction of the same in his Income Tax Computation.
If you pay by cash, Your son will be eligible to claim deduction, (you have to show by way of book entry that this amount was paid by your son from his Cash )
Vishal Goel
(Chartered Accountant)
(1688 Points)
Replied 19 August 2015
Hello @ Hitesh
If I pay the premium by chq , Will my son be elegible to claim deduction?
(If I show by way of book entry that this amount was paid by my son from his Cash/bank account to me)
Thanks
Hitesh Khanna
(Accounting & Finance Taxation Company Law Audit )
(839 Points)
Replied 19 August 2015
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