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80c rebate for grand parent

SANJAY G.PATIL (ASSTT BRANCH MANAGER) (44 Points)

27 March 2015

When parents are filing income tax return for their own income;can grand parent claim 80C rebate for Life insurance policy taken on the life of grand son taken from grandparent's own taxable income?

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3 Replies

Deepak Gupta (CA Student) (15922 Points)
Replied 27 March 2015

No, grand parents cannot claim tax deduction u/s 80C for life insurance policy taken by them for their grand children.
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[In case of an individual, deduction is allowed only when the policy is taken on the individual’s life, life of the spouse or any child of such individual.]

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SANJAY G.PATIL (ASSTT BRANCH MANAGER) (44 Points)
Replied 27 March 2015

Thanks GuptaSir for clarification.

Vishal Goel (Chartered Accountant) (1693 Points)
Replied 27 March 2015

Originally posted by : \|)eep @ k Gupt/\
	No, grand parents cannot claim tax deduction u/s 80C for life insurance policy taken by them for their grand children. . [In case of an individual, deduction is allowed only when the policy is taken on the individual’s life, life of the spouse or any child of such individual.]