Can LIC premium paid for dependent parents be claimed?

Can LIC premium paid for dependent parents be claimed?

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. One time any one can claim the tax deductions.

Can I show spouse LIC in 80C?

Correct answer : (b) Justification of correct answer : Premium on life insurance policy can be claimed as deduction under section 80C. 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.

Can I claim a tax deduction on premiums for my mother?

READ:   How do you tell your partner to move out?

The medical insurance premium paid for parents additionally qualifies for the Section 80D deduction of up to Rs 25,000 every financial year. But if both your father and mother or either of them is a senior citizen, then the maximum tax rebate limit goes up to Rs 50,000 in a financial year.

Can term insurance be claimed under 80C?

Section 80C of the Income Tax Act is the most popular tool used for tax-saving by individuals. This Section offers a maximum deduction of Rs. Under this Section, the premium paid for a term life insurance is also eligible for deduction up to Rs. 1.5 lakhs (total of all investments and payments under this Section).

Can parents life insurance be claimed as a tax deduction?

In case you avail the life insurance policy in your parent’s name, you will be eligible for an additional tax deduction benefit of Rs. 25,000/-. You will be eligible for a higher tax benefit of Rs. 50,000, in case you avail the life insurance policy in your senior citizen parent’s name.

READ:   Is Tibet politically correct?

Can I claim a tax deduction on premium for my wife?

Yes, you can. If you buy an insurance policy in the name of your wife or daughter and such policy is bought from your taxable income, you are eligible for 80-C deduction. However, it is advised that the upper limit of Rs 1,50,000 may be kept in mind.

Who is eligible for 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.