Deductions u/s 80 c

HI SURBHI,

DEDUCTION UNDER 80 C WOULD BE AVAILABLE FOR INSURANCE PREMIUM PAID BY THE ASSESSEE ON HIS OWN LIFE, HIS WIFE, AND HIS CHILDRENS. 

REGARDS,

MANOJ

No...............

Can an individual claim a deduction u/s 80c in respects of the LIC premiums paid by him for his parrents 

HELLO PULKIT,

PLS SEE ABOVE REPLIES....

REGARDS,

MANOJ

YES...DEDUCTION U/S IS ALSO AVAILABLE U AND UR FAMILY BUT IT IS RESTRICATED UPTO 100000

Dear Ayush,

If Parents Dependents , premium paid by assessee , 

This case may be eligible for for deduction under 80c.

IF THE INSURANCE PREMIUM PAID FOR POOLICY TAKEN FOR DEPENDENT PARENTS, IT WOULD NOT BE ALLOWED DEDUCTION UNDER SECTION 80C OF THE INCOME TAX ACT 1961.

REGARDS,

MANOJ

deduction u/s 80c regarding life insurance  policy is available only for himself his spouse<wife/husband>and his children(whether dependant or not)..........it is available only till 20%of the sum assured

Ankit is right

Hi, guys u all are expert giving different opinions. Its a kind request to you all please read the provisions properly and then reply otherwise u all confuse the people who have less or no knowledge about the provisions...

parents are not covered under section 80c on lic premium paid by assessee

sec 80c is applicable only to the assessee. so if he pays premium for his parents, the same would not be exempted, and would be taxed 100%.... kindly refer the applicability of section 80c

it is clearly mentioned u/s 80C that LIC PREMIUM paid by an individual is allowable as deduction only for himself , for his/her spouce(husband or wife)  , any child of such individual weather married/unmarried, dependent/non-dependent .

LIC premium paid for parents is not allowable as deduction u/s 80C weather dependent or not.

regards

RSG