Can I claim my father LIC for tax exemption?

Tax exemption offered under section 80C on life insurance policies from LIC: If you have purchased a life insurance policy on or before 31st March 2012 in your own name or in the name of spouse or child, then up to 20\% of tax deduction can be availed on the premium paid towards life insurance policy.

Can we claim parents LIC in 80D?

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 I pay LIC premium for my wife?

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.

Can I deduct my wife’s health insurance premiums?

Self-employed people who qualify are allowed to deduct 100\% of their health insurance premiums (including dental and long-term care coverage) for themselves, their spouses, and their dependents. This deduction applies only to your federal, state, and local income taxes, not to your self-employment taxes.

Is wife dependent of husband?

You do not claim a spouse as a dependent. When you are married and living together, you can only file a tax return as either Married Filing Jointly or Married Filing Separately.

Can both husband and wife claim 80D?

Section 80D includes a deduction of Rs 5,000 for any payments made towards preventive health check-ups. This deduction will be within the overall limit of Rs 25,000/Rs 50,000, as the case may be. This deduction can also be claimed either by the individual for himself, spouse, dependent children or parents.

How do you claim insurance premiums on taxes?

Health insurance premiums are deductible on federal taxes, as these monthly payments for coverage are classified as a medical expense. The general rule is that if you pay for medical insurance with out-of-pocket money, then you would be allowed to deduct the amount from your taxes.

Can I deduct insurance premiums?

Health Insurance Premiums That Are Tax-Deductible Any health insurance premiums you pay out of pocket for policies covering medical care are tax-deductible. Whether you’re employed or self-employed, however, you can’t deduct all of your medical expenses—only the amount exceeding 7.5\% of your adjusted gross income.

Do health insurance premiums reduce taxable income?

Taxes and Health Care. Employer-paid premiums for health insurance are exempt from federal income and payroll taxes. Additionally, the portion of premiums employees pay is typically excluded from taxable income. The exclusion of premiums lowers most workers’ tax bills and thus reduces their after-tax cost of coverage.

Is your wife a dependent for insurance?

Health plans typically count spouses and children as dependents, but generally don’t include parents. If you’re interested in getting health coverage for your parents, contact your health plan to find out if you can add them to your plan. Your parents must, generally, be claimed as tax dependents.

Is my wife a dependent if we file jointly?

You do not claim a spouse as a dependent. When you are married and living together, you can only file a tax return as either Married Filing Jointly or Married Filing Separately. You would want to file as MFJ even if one spouse has little or no income.

Can a husband claim his wife’s life insurance policy under 80C for ITR?

If the husband is the proposer in a policy which is on the life of wife (that means wife’s life is insured) and husband pays the premium, he can claim it under 80C for ITR Need help paying for prescriptions? Here it is.

Is LIC premium for policy in name of spouse for 80C deduction?

LIC Premium for Policy in Name of Spouse is Okay for 80C Deduction ….is Bad Tax Planning ! Section 80C of the Income Tax Act provides deduction of the amount of premium paid even on life Insurance Polices taken in name of spouse . While deduction is fine , there is a catch in this.

Can I claim LIC policy under my wife’s name?

Suggestion of your agent is correct. No problem… you can claim .. but In future maturity proceeds of LIC will be clubbed with wife’s income.. hi i have a policy under my spouse’s name but i pay the premium can my wife claim it?

What happens when LIC pays back the money to wife?

In other words , when the LIC pays wife back at the time of maturity and she uses the money for earning interest by doing fixed deposits or any thing in which she does not have to make her own effort, the question of clubbing may arise.