My father is a retired teacher. He is not filing IT returns since he gets Rs.3,000 per month as pension.
2007-03-14 15:26:14 · 9 answers · asked by Yogesh S 1 in Business & Finance ➔ Taxes ➔ India
According to Sec 80C of IT Act 1961
Life insurance premium (including payment made by govt employees to the Central govt employee's Insurance Scheme and payment made by a person under children's deferred endowment assurance policy) subject to a maximum of 20% of sum assured (sum assured does not include any premium agreed to be returned or any benefit by way of bonus) Is eligible for deduction.
In the case of an individual policy should be taken on his OWN life, life of SPOUSE or any CHILD (child may be dependent/independent, male/female, minor/major or married/unmarried )
In the case of HUF, policy may be taken on the life of any member of the family.
BUT you can claim deduction U/S 80 D deduction in respect of medical insurance premia, but the payment should be in cheque.
Deduction u/s 80D for senior citizen is15000/- and for others its 10000/-
2007-03-15 20:49:43 · answer #1 · answered by Anonymous · 13⤊ 1⤋
Agree with moon and would like to add that for FY 2007-2008 onwards Deduction u/s 80D for senior citizen is20000/- and for others its 15000/- and payment can be by any mode other than cash
2007-03-17 06:14:23 · answer #2 · answered by sonali_n 2 · 1⤊ 1⤋
The provisions of Section 80C says payment of Insurance premium on the life of self, wife and any child of the individual. Hence the premium paid on the life of the father is not allowable and no deduction can be claimed. Anyhow, this deduction is permitted to H.U.F (Hindu Undivided Family) so to get the benefit this amount can be charged in the income tax file of H.U.F if you do have it.
2007-03-15 01:58:50 · answer #3 · answered by ssunderagarwal 4 · 1⤊ 7⤋
No. Under Income Tax provisions, it is only available for self, spouse and the dependent children.
2007-03-15 03:17:15 · answer #4 · answered by Mahesh R 5 · 1⤊ 6⤋
IT deduction can be claimed only for the premium paid for the child, spouse ( Nuclear family)
2007-03-14 22:34:00 · answer #5 · answered by raj m 1 · 1⤊ 7⤋
NO, the Sub section (4) is cut paste for your reference
4) The persons referred to in sub-section (2) shall be the following, namely:
(a) for the purposes of clauses (i), (v), (x) and (xi) of that sub-section,
(i) in the case of an individual, the individual, the wife or husband and any child of such individual, and
(ii) in the case of a Hindu undivided family, any member thereof;
(b) for the purposes of clause (ii) of that sub-section, in the case of an individual, the individual, the wife or husband and any child of such individual;
(c) for the purposes of clause (xvii) of that sub-section, in the case of an individual, any two children of such individual.
2007-03-15 01:47:21 · answer #6 · answered by stambh 1 · 1⤊ 7⤋
no you cannot claim concessionif it is invested on your name and if it is under sec 80(c) only you can claim
2007-03-14 22:36:10 · answer #7 · answered by The Prince of Egypt 5 · 1⤊ 7⤋
No. you can only claim it for yourself, spouse or any child.
2007-03-15 00:28:34 · answer #8 · answered by naveen k 2 · 1⤊ 7⤋
I think no....
2007-03-14 23:37:07 · answer #9 · answered by soumyajit s 1 · 1⤊ 8⤋