Deduction u/s 80 C

Prabhudevaru (Article) (105 Points)

26 February 2010

can a father eligible to claim deduction u/s 80 c for life insurance premium paid for his dependent major son & daughter

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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

Prabhudevaru (Article) (105 Points)
Replied 26 February 2010

Thanks Varun & Deepak

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