Deduction u/sec 80 C

Narendra

Employment

154 Points Posted on 28 December 2007

hi friend, 'X' can VERY WELL take benefit of LIC policy U/s 80 C (Inclusive of LIC issued at his Spouse name) if his spouse has not availed the same... its absolutely a proper tax planning

Swati P

Chartered Accountant

173 Points Posted on 28 December 2007

Mr.X shall get benefit of LIC premium paid for his spouse, only if his spouse is not taking the benefit of same.

CA Chaitanya

PRACTISING CA

4283 Points Posted on 28 December 2007

He can claim the LIC u/s 80 c.

Guest

460755 Points Posted on 28 December 2007

answer is yes.

DIPAK AGARWAL

Service

554 Points Posted on 29 December 2007

it is not matter that lic is paid from whose a/c?

r@i<$l-l

Self Employed

27 Points Posted on 29 December 2007

yes the person can claim deduction under sec 80c of so much of any premium or other payment made on an insurance policy other than a contract for a deferred annuity as is not in excess of twenty per cent of the actual capital sum assured payment made in the case of an individual, should be made for the individual, the wife or husband and any child of such individual for claiming for the deduction U/s 80C

PRAKASH AGARWAL

SERVICE

46 Points Posted on 29 December 2007

X can clamim the deduction if the premium is paid by him for his wife's policy.

Guest

460755 Points Posted on 29 December 2007

Mr. X, assessee can take benefit under section 80C for the lic premium paid of his spouse. But one should know that the premum must be paid (whether in cash or cheque ) by Mr. X only and in subsequent years olso. you may contant me at parekh @ yahoo.co.in with regards