Can we add spouse LIC in 80C?
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Can we add spouse LIC in 80C?
Will the premium of LIC for a wife be considered in a husband’s ITR? – Quora. Yes, spouse and children insurance premiums can be considered for claiming exemption under 80C of Income Tax Act. Insurance premium for children till the age of 23, parents can claim tax saving under 80 C.
Can I claim a tax deduction on premiums for my wife?
“You and your spouse cannot split the insurance premium amount and claim it separately for taking the deduction because only the person (who is the proposer) paying the premium can claim deduction under section 80D of the Act,” he said.
Can I pay my wife’s insurance premium?
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.
MUMBAI: You cannot pay for someone’s insurance cover in India. As per the anti-money laundering provisions, the money for the premium must come from the bank account or the credit card of the insurance customer. Third-party payment for insurance premiums was banned to tackle money laundering.
Does LIC policy comes under 80C?
The tax benefits provided on the payment of LIC premium comes under section 80C of Income Tax Act, 1961.
Who claims 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.
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 .
Does LIC come under 80C?
Is LIC removed from 80C?
Life Insurance Plans are very popular as a tool to get deduction under section 80C of the Income Tax Act, 1961. The investment in life insurance can be deducted up to Rs 1,50,000. (Rs. 1 Lakh upto A.Y.
You can do so by either visiting the LIC website or by downloading LIC India’s app. To pay premiums through the insurer’s website, visit www.licindia.in and click on ‘Pay Premium online’ from the ‘Online Services portal’. Here you will get two options: a) Pay Direct (Without login) and b) Through customer portal.
What if LIC premium is paid twice?
Double payment is being refunded to our service provider to be credited back to your account. The refund process may take 6 to 8 days. For further queries please contact [email protected]. Amount debited but premium not adjusted.
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 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.
Can my wife claim 80C benefit?
So olny my wife can claim 80C benefit (if only she is eligible) The agent says that my wife can pay ONLY IF she was the proposer. But here I am the proposer and he says you can’t change the proposer once policy is issued.
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?