Is 80c deduction eligible if premium of lic/ppf.........

THE AMOUNT PAID FORM HIS FATHER ACCOUNT NOT HIS ACCOUNT

Originally posted by : RUDRA
	THE AMOUNT PAID FORM HIS FATHER ACCOUNT NOT HIS ACCOUNT

Yes. The amount was paid via parents bank account. 

Hi guys. I would like to ask my last question again that can this person use Income Declaration Scheme to correct his mistake?

 As Mr.X / Ms.X  is  NON DEPENDENT on his/ her parents , thereis NO question of PAYMENT towards his LIC / PPF by parents  ( may be by affection ..love..)

and , it will be wrong on part of  said X to claim so... in that case  ( to claim deduction u/s 80C)  should  ask parents to transfer that amount to his bank account ,    ( may be as Gift or loan) and then INVEST / PAY to LIC / PPF to claim deduction u/s 80C

Originally posted by : S S Dahale
	As Mr.X / Ms.X  is  NON DEPENDENT on his/ her parents , thereis NO question of PAYMENT towards his LIC / PPF by parents  ( may be by affection ..love..) and , it will be wrong on part of  said X to claim so... in that case  ( to claim deduction u/s 80C)  should  ask parents to transfer that amount to his bank account ,    ( may be as Gift or loan) and then INVEST / PAY to LIC / PPF to claim deduction u/s 80C

the amount already paid. that is  not yet to be done. 

Originally posted by : S S Dahale
	As Mr.X / Ms.X  is  NON DEPENDENT on his/ her parents , thereis NO question of PAYMENT towards his LIC / PPF by parents  ( may be by affection ..love..) and , it will be wrong on part of  said X to claim so... in that case  ( to claim deduction u/s 80C)  should  ask parents to transfer that amount to his bank account ,    ( may be as Gift or loan) and then INVEST / PAY to LIC / PPF to claim deduction u/s 80C

the amount already paid. that is  not yet to be done. 

Hi guys, I went to a CA. He told me it can done under IDS, but no one is going to be able to catch it. So, he said that it doesnt need to be done. When I said I wanted to do it he refused to provide guidance for it. I then went to another CA, he also told me that no one will be able to catch it, but he was willing to listen to what I was saying. He agreed to provide me guidance for IDS to solve my issue.

Hi guys, I have few more questions related to this scenario. I am taking advice of CA to assist in IDS for the F.Y I talked above in this thread. Imagine in the next F.Y, this person has 80c deductions from salary in form of PF, Pension Fund etc as Rs. 40000. He transfered Rs.70,000 out of his own income to his fathers account to partially contribute to LIC premium which was of Rs. 1,40,000. Now my questions are as follows:

1. He is considering himself free of any problem in this F.Y because Rs. 40000 + Rs. 70000=Rs. 1,10,000. 80c limit for that F.Y was Rs.1,00,000/-. So, he didnt paid any less tax. Is his reasoning right?

2. Now imagine during filing IT return, what would be the correct amount to enter in the return form for 80c contribution? a) Rs. 40000+ Rs.70000=Rs.1,10,000 or b) Rs.40000+Rs.1,40,000=Rs.1,80,000.

3. His father didnt paid the money from his account due to some reason, his mother paid the premium by check by her account. So, that still counts because he gave Rs.70,000 to his father for this purpose, right?

Thanks.

to claim the deduction u/s 80C the amount must be paid from "taxable income" and if the assesee consider it as gift from parent, then gift is a non taxable capital receipt, NOT income