pls clarify if a person (son of family) earn for totaly income of his family( father is not earing) if son pay lic policy amount to his sister why it not accept for tex deduction from
his tax.
As my feel is that i had expenses the money for
lic to my sister so i made expenses from my income for that where should i take for account.
RE:Tax exemption
by Mohit Kapoor on Apr 21, 2007 08:57 PM Permalink
you are very much entitled to claim the LIC premium benfeit. make sure that your sister doesn't claim it. as per law, only one can claim it and you are very much entitled to.
RE:[object]
by baber on Apr 26, 2007 09:04 PM Permalink
Dear sir
very kind thank of u sir.
i discuss with the tax deduction issue with our company accounts person .he is saything that
it not possible to claim as per the indian law.
i would help me to give me the decision as per india law. because i had made my investment for my two sister for her future life. whne once she will marry then they are going to take care
of their policy up to marraige i have to take care for that i had paid for one year near about
rs 20000/- per annum. i submit the lic policy for my tax deduction they rejected my sister policy.
awaiting for your kind suggestion to avoid the tax .
RE:RE:Tax exemption
by Amitabh on Apr 22, 2007 10:00 AM Permalink
Kindly check again.The reading of Sec 80C(2),(3) and (4a) shows that premium has to be paid on the life of the assessee himself or his spouse or children.In case the assessee is an HUF,premium paid on any member of the family will be deductible.
