Hello
I have paid life insurance policy of rs. 40000 for my father. would i eligiable for deduction u/s80c.
thank in advance
CA Navin Jain (MANAGER (FINANCE & ACCOUNTS)) (11768 Points)
30 September 2009Hello
I have paid life insurance policy of rs. 40000 for my father. would i eligiable for deduction u/s80c.
thank in advance
Ratan Deep Saxena
(Asstt Manager (Accounts & Finance))
(2998 Points)
Replied 30 September 2009
yes sir...... u can definitely claim that premium u/s 80 C.......
regards,
ratan
Batul
(Article assistant)
(207 Points)
Replied 30 September 2009
according to sec 80C the deduction is available if the policy is taken on own life, life of spouse or any child but not for parents
Ratan Deep Saxena
(Asstt Manager (Accounts & Finance))
(2998 Points)
Replied 30 September 2009
Mr. Navin.. sorry for my first reply..... deduction for insurance premium can be taken by individual only if premium is paid on the life of individual, spouse or children (whether minor or major./married or unmarried.)
regards,
ratan
Live Course on Invoice Management System (IMS) - 2nd Batch(With Recording)
CAclubindia
