Deduction u/s 80c in respect of lip
CA Sanjay Baheti (PROPRIETOR) (1155 Points)
13 March 2012CA Sanjay Baheti (PROPRIETOR) (1155 Points)
13 March 2012
Akhilesh Kapadia
(Employee)
(106 Points)
Replied 13 March 2012
Jaimin Deliwala C.A.
(C.A.)
(44 Points)
Replied 13 March 2012
Dear
Kindly refer Circular No. 405 [F. No.178/1/84-IT(A-I)] dated 15-01-1985.
It is clearly mentioned there in that "The deduction U/s 80C can be claimed by the person who has contributed the monies out of his income chargeable to tax. It can be claimed by the first-named person in the joint holding if the first-named person has so contributed the amount."
The contribution by parent to the L.I.C. of major son/daughter is specifically mentioned there in for eligibility, but if parent does not opt to claim it, then the son/daughter can not claim it automatically.
Regards,
Jaimin.
Sarvesh Kumar Singh
(Student CA Final (Articled Asst.))
(170 Points)
Replied 14 March 2012
If the LIP was paid in cash than you can claim it in the ITR of the assessee ir-respective of the fact that the money should be paid from income chargable to tax. If paid through bank account of parents than you can not claim it.