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Income tax - lic for husband and wife

Jayanthi (jao) (54 Points)

20 December 2011

Hi,

I want to know whether the LIC premium payment made to the policy taken in the name of my husband is eligible for claiming tax benefit from my salary. If so do I need to give any certificate to my employer to this effect... Kindly help.

Thanks in advance.

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18 Replies

Tony John (Chartered Accountant) (6085 Points)
Replied 20 December 2011

You can definitely take deduction for LIC premium paid for your spouse under Section 80C. Proof of payment needs to be given to employer.

Let others also comment. . . . . . .

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(Guest)

Originally posted by : Jayanthi
	Hi, I want to know whether the LIC premium payment made to the policy taken in the name of my husband is eligible for claiming tax benefit from my salary. If so do I need to give any certificate to my employer to this effect... Kindly help. Thanks in advance.

Yes you can madam, however your spouse (Husbend) can not claim the same in his IT return u/s.80C

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Prabeer (B. COM (H) CA & CS Final) (5484 Points)
Replied 20 December 2011

Dear Jayanthi Ji,

You can claim the deduction of LIC premium paid for the life cover of your Spouse u/s 80C of I.T. Act, provided the amount of premium do not exceed 20% of the Sum assured of Life Policy and the threshold limit of Rs. 1,00,000/- u/s 80C is not yet exhausted in your case.

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Dipjyoti Majumdar (CA in service & CS. dipmaj@ rediffmail.com ) (3468 Points)
Replied 20 December 2011

Further to the above viws, I just want to add that you may show the bank statement for premium payment-- just showing the premium receipt might not be full proof as it is in your spouse's name.

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Jayanthi (jao) (54 Points)
Replied 20 December 2011

Thanks to all of you...........

Can any one tell me whether I need to give any certificate from my husband's employer that he hasn't claimed the amt...

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Sakshi (CS) (41 Points)
Replied 20 December 2011

you are not required to give certificate from the employer of husband to her employer.

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(Guest)

Yes no need of certificate from your husbend employer, just dont claim the same from your husbend return.

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CA LOVELY ARORA (C.A. B.Com (H) Graduate) (2151 Points)
Replied 20 December 2011

agree with all....... they all are perfectly correct.......

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Siva Krishna (Jr.Officer- Accounts) (21 Points)
Replied 21 December 2011

Hi,

I want to know whether the LIC premium payment made to the policy taken in the name of my parents is eligible for claiming tax benefit from my salary. If so do I need to give any certificate to my employer to this effect... Kindly help.

Thanks in advance.

(Guest)

Dear Krishna, It is not allowable u/s 80C, since payment made for only self, spouse and children (married or unmarried, dependent or independent) is allowed. For payment of mediclaim of parents you can claim deduction u/s 80D. Thanks