I would like to know if I pay the LIC premium of my parents' LIC policies from my account will it be considered to be exempt from tax under section 80C .
RE:exemption under 80C
by Amitabh on Mar 12, 2008 08:13 PM Permalink
Deduction under 80C is available if the premium is paid for self,spouse or children.In case of an HUF deduction is available if premium is paid for any member of the family.So,in case of an individual,preium paid for parents will not qualify for deduction.
RE:exemption under 80C
by lakshmi narayanan on Mar 15, 2008 12:14 PM Permalink
No Swathi,its not applicable. it is only for self , spouce and children.
