I am paying my father's LIC premium from my account. Can is claim premium deduction u/s 80C.
16 Replies
CA. RUPESH JOSHI
(Chartered Accountant)
(174 Points)
Replied 21 January 2010
sec 80C (4) specifies the persons on whose account the sum/premium may be paid for claiming the deduction. In case of an individual it is the individual, the spouse and any child of such individual only. Since parents are not covered you will not be entitled for the deduction u/s. 80C; in your case
C.Balaji
(Learner)
(1867 Points)
Replied 21 January 2010
Mr.Deepak Tapse
Lic premium paid on the life of the individual, spouse or children.
(children can be either minor or major, married or not,dependent or independent)
Parents or any other relative will not qualify....
I hope the above, answers your question....
PRAVEEN KUMAR
(MBA (Finance) B.Com.(P))
(3443 Points)
Replied 21 January 2010
Agree with Rupesh & Deepak
| Originally posted by : C.Balaji | ||
 |
Mr.Deepak Tapse Lic premium paid on the life of the individual, spouse or children. (children can be either minor or major, married or not,dependent or independent) Parents or any other relative will not qualify.... I hope the above, answers your question.... |
 |
Riyaz Khan
(CA CS (Exec) MBA (Fin) Asst. General Manager-SEBI Internal Auditor-British Certifications Inc.)
(1315 Points)
Replied 21 January 2010
No, you can't claim it as deduction under section 80 C. Rupesh is right.
CA Pramod Jain
(manager finance)
(1577 Points)
Replied 21 January 2010
father's lic premeium can't be claimed by son u/s 80c
CA Devanshi Gandhi (Ajani)
(FCA DISA Mcom CIFRS & LLB)
(9060 Points)
Replied 21 January 2010
u can not claim
manish
(Article Assitant)
(358 Points)
Replied 21 January 2010
Father is not the part of family u/s 80C (LIC) in the income tax act. So son cannot claim the deduction for lic premium.
sudhir rawal
(B.COM/PCC/ARTICLE/'O'LEVEL)
(314 Points)
Replied 22 January 2010
YOU CANNOT CLAIM DEDUCTION UNDER SECTION 80C FOR LIC PREMIUM IT'S SPECIALLY DEFINED IN LAW THAT THIS DEDUCTION IS ALLOWED FOR PAYMENT MADE IN RESPECT OF ASSESSEE, SPOUSE, CHILDREN(CHILDREN MAY BE MINOR OR MAJOR, DEPENDENT OR INDEPENDENT)
AS PER SECTION 80 C(4)(a)
"(i) in the case of an individual, the individual, the wife or husband and any child of such individual, and
(ii) in the case of a Hindu undivided family, any member thereof;" NOW YOU CAN GET DEDUCTION IN JUST ONE CASE WHEN YOU HAVE HUF OTHER WISE NO CHANCE FOR DEDUCTION
NIKHIL PRAHLADKA
(Chartered Accountant)
(53 Points)
Replied 22 January 2010
no you cant take the deduction
CA. Rajat Tayal
(Chartered Accountant)
(64 Points)
Replied 22 January 2010
No you cannot claim deduction of same u/s 80c
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