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Can I claim a tax deduction on premiums for my son?
Yes, you can claim a tax deduction on the premium paid for the insurance policies for your sons. A tax payer can claim a tax deduction of up to Rs 1.5 lakh on life insurance premiums paid for a life insurance cover for himself, spouse and children.
Can I claim my parents LIC for tax exemption?
Yes, in a family husband or wife any one can pay the life insurance premium and claim the tax benefits under section 80 C of income tax act. Children till the age of 23, their insurance premiums can also be paid and claimed for tax deductions.
Who is eligible for deduction in respect of contribution to certain pension funds u/s 80CCC?
Any individual taxpayer who has invested in an annuity plan offered by an insurer can claim the deductions under this section. Hindu Unified Families (HUF) cannot claim the benefits of this section. Also, both resident and non-resident individuals can claim the deductions u/s Section 80CCC.
Who can avail 80C deduction?
It allows for a maximum deduction of up to Rs. 1.5 lakh every year from an investor’s total taxable income. Section 80C is applicable only for individual taxpayers and Hindu Undivided Families. Corporate bodies, partnership firms, and other businesses are not qualified to avail tax exemptions under Section 80C.
Can you claim parents as dependents on taxes?
Your parent must first meet income requirements set by the Internal Revenue Service to be claimed as your dependent. To qualify as a dependent, Your parent must not have earned or received more than the gross income test limit for the tax year. This amount is determined by the IRS and may change from year to year.
Can LIC of parents under 80C?
Tax exemption offered under section 80C on life insurance policies from LIC: The premiums paid towards deferred annuity are eligible for tax deduction under section 80C of Income Tax Act.
Can I claim 80C for parents?
Hence, no deduction will be available in respect of premium paid by him on policy taken in the name of his parents, parents of his spouse and his brother/sister. 6) Total premium eligible for deduction under section 80C will amount to Rs. 55,000 (Rs. 5,000 + Rs.
Can I pay LIC premium for my father?
You can certainly pay your parents Insurance premium but you cannot claim it in your Income Tax Return, as according to the present rules parents can pay premiums for self,their children and spouse and claim IT rebate on it. If your father needs to claim the rebate , he will have to pay from his account .
Can I claim deduction under both section 80C and 80CCC?
The benefits of Section CCD fall under those of 80C, i.e. the deductions claimed u/s 80CCD cannot be claimed again in 80C. The overall limit of deductions under 80C, 80CCC and 80CCD is Rs. 1.5 lakhs, with an additional deduction of Rs. 50,000 allowed u/s 80CCD sub section 1B.
What is the difference between 80C and 80CCC?
The main difference between Section 80C and Section 80CCC of the Income Tax Act of 1961 is that under Section 80C, the amount to be paid may come from income that is not chargeable to tax. While under Section 80CCC the funds must be paid out the income that is chargeable to tax.
How can we save more tax from 80C?
How to save tax other than section 80C?
- 80D- for medical insurance premium for self, spouse & dependent parents.
- Section 80EE – Deduction for interest payment of home loan for first home owners.
- Section 24- Interest deduction for housing loan upto Rs 2 lakh.