Lic
Lakshmi (Article) (166 Points)
25 January 2016Lakshmi (Article) (166 Points)
25 January 2016
Vishal Goel
(Chartered Accountant)
(1688 Points)
Replied 09 February 2016
Hello, Any amount that you pay towards life insurance premium for yourself, your spouse or your children allowed as deduction u/s 80C.
Grand Father/Pinky both can't get the tax benefit for Rs-5000.
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 09 February 2016
In case of an individual, deduction is available in respect of policy taken in the name of taxpayer or his/her spouse or his/her children. In case of a HUF, deduction is available in respect of policy taken in the name of any of the members of the HUF.
No deduction is available in respect of premium paid in respect of policy taken in the name of any person, other than given above.
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)