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Lic deduction

rocky (accountant) (948 Points)

01 November 2020

I Have paid LIC premium on my son name from son's bamk account.
can i claim deduction in my HUF.

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2 Replies

JATINDER KUMAR (Accountant) (3662 Points)
Replied 01 November 2020

No.......

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Sanjiv Rajpoot (3430 Points)
Replied 01 November 2020

If you have paid an insurance premium to insure your own life or the life of your spouse or child, such premium payments are eligible for deduction under section 80C of the Income Tax Act. Irrespective of your child being dependent or independent, minor or major, married or unmarried, the deduction under section 80C shall be allowed. An individual and a HUF, both, can claim this deduction under Section 80C.