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Exemption under 80c

SUNNY (STUDENT CS) (377 Points)

02 July 2012

any person can claim the deduction of LIC premium of his wife paid by him,

whether his wife is also income tax assesee and working in another company?

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13 Replies

CA Sripal Jain (Associate Finance) (709 Points)
Replied 02 July 2012

you can claim ,and they neednot be dependant as per my reading of provsions of 80c

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Sirisha (Articles CA final student) (71 Points)
Replied 02 July 2012

A person who paid LIC premium in the name of his / her spouse or children from his income can claim such amounts also. Payment of premium from his/her earnings / income is more important.

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CA Navin Jain (MANAGER (FINANCE & ACCOUNTS)) (11768 Points)
Replied 02 July 2012

Agree with Sirisha

sandhya (nil) (58 Points)
Replied 02 July 2012

yes you can calim

Manish Negi (Expert) (394 Points)
Replied 02 July 2012

A person who paid LIC premium in the name of his / her spouse or children from his income can claim such amounts also.

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SUNNY (STUDENT CS) (377 Points)
Replied 02 July 2012

but sir his wife is also a earing person, so she has to pay her premium from his earning, here his husband is paying

Amit J Chauhan (cachauhanamit@ymail.com) (49 Points)
Replied 02 July 2012

one of my debtor party is in Singapore & m importer of goods from china so i hv one creditor in china so plz suggest me that it is possible for me to tell Singapore party to pay directly to china without any transaction in India

plz suggest me soon its urgent

Haresh Kumar (CA) (126 Points)
Replied 02 July 2012

yes u can ..

SIVASIVA (FCA, Future CA) (4935 Points)
Replied 02 July 2012

agreed to Sirisha. it is useful...

CA Vanamala Phani Kumar (Proprietor of M/s Vanamala and Co) (972 Points)
Replied 02 July 2012

First of all ...... 80C related to Deduction on Taxable Income not a exemption.......!!!!

1. He can claim 80C for Paying LIC on his wife's Name.

and his wife can not claim 80C for the amount claimed by him during that Year......!!

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KUNAL MALHOTRA (Student) (29 Points)
Replied 02 July 2012

I am online share trader. If At the end of year i suffer net loss then should i pay income-tax for those share which makes me profit.

Vandana Mulchandani (Finance Manager ) (9227 Points)
Replied 03 July 2012

Originally posted by : Sirisha
	A person who paid LIC premium in the name of his / her spouse or children from his income can claim such amounts also. Payment of premium from his/her earnings / income is more important.