Exemption on LIC payment
by satwant arora on Apr 29, 2007 07:36 AM Permalink | Hide replies

I am paying insurance instalments to my Daughters's two daughters and my son's son. Is the amount such paid is tax free.
From G.P.Singh, Pune

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RE:Exemption on LIC payment
by Amitabh on Apr 29, 2007 08:36 AM Permalink
As per Sec 80C you get the deduction for insurance premium paid if the payment is for yourself (the assessee himself),your spouse or your children.

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