can a father eligible to claim deduction u/s 80 c for life insurance premium paid for his dependent major son & daughter
Prabhudevaru (Article) (105 Points)
26 February 2010can a father eligible to claim deduction u/s 80 c for life insurance premium paid for his dependent major son & daughter
CA.Varun Agarwal
(Chartered Accountant)
(41 Points)
Replied 26 February 2010
Dear Prabhu,
As per sub section (4) of Section 80C :- Specified Person means:- (for LIC premium)
(i) in the case of an individual, the individual, the wife or husband and any child of such individual, and
(ii) in the case of a Hindu undivided family, any member thereof;
Hence major son & daughter are very much covered under the scope of Section 80C.
Deepak Tapse
(Accounts Manager - Taxation)
(1771 Points)
Replied 26 February 2010
Agree with Mr. Varun
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