Dear All,
am a tax payer, can i clame my parents lic to income tax excemption,
Regards
bhaskar
Ruchi
(CA)
(277 Points)
Replied 06 June 2013
As per provisions of Sec 80C life insurance premium can be claimed for tax rebate by an individual only where the policy is taken for his own benifit or his/her spouse or their child. therefore you wont get any benefit for life insurance premium paid for your parents
Sonam Bidasaria
(CA)
(770 Points)
Replied 06 June 2013
No. As per Sec 80C(4), an individual can claim the deduction of LIC premium payment of only his wife and children (apart from him).
CA Apoorva Gaurav
(CA)
(368 Points)
Replied 06 June 2013
No you aren't entitled to claim the benefit
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