Section 80 C of IT act covers the Life Policies taken on the life of " CHILD " of the individual. In this connection, I would like to know weather " CHILD" includes grand child also. Is there any case law on the subject.
2 Replies
CA. Sourav Sarkar
(Chartered Accountant )
(24588 Points)
Replied 06 January 2021
Incase of an individual, deduction is available in respect of policy taken in the name of taxpayer or his/her spouse or his/her children.
grand child is not considered in 80c
grand child is not considered in 80c
Kapadia Pravin
(17264 Points)
Replied 08 January 2021
No case law required when section clearly provides deduction eligibilty.
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