Jayanthi (jao) (54 Points)
20 December 2011Hi,
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.
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. . . . . . .
| Originally posted by : Jayanthi | ||
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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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Yes you can madam, however your spouse (Husbend) can not claim the same in his IT return u/s.80C
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.
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.
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...
Sakshi
(CS)
(41 Points)
Replied 20 December 2011
you are not required to give certificate from the employer of husband to her employer.
CA LOVELY ARORA
(C.A. B.Com (H) Graduate)
(2151 Points)
Replied 20 December 2011
agree with all....... they all are perfectly correct.......
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.
CA LOVELY ARORA
(C.A. B.Com (H) Graduate)
(2151 Points)
Replied 21 December 2011
agree with Neha Jain.......
Vinayak K Krishna
(Accounts Executive)
(92 Points)
Replied 11 March 2016
No sir.
LIC of your spouse and children can be calimed.
Sumit Lamba
(Accountant)
(26 Points)
Replied 12 March 2018
I want to know whether LIC payment made by my wife and LIC policy also her name. Can I claim deduction us 80c from my salary.
Sumit Lamba
(Accountant)
(26 Points)
Replied 12 March 2018
I want to know whether LIC payment made by my wife and LIC policy also her name. Can I claim deduction us 80c from my salary.
CAclubindia
