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Direct Taxation

Husband receives annual gains from Mutual fund. He wanted to use this gain for another policy. A life insurance policy was taken in wife's name for their child's life. The premium is being paid from husband's mutual fund gain directly. Wife would receive the proceed from policy at end of term of policy. From whose income, 80C deduction allowed, Husband or Wife ?

Apparnah k

CA Inter

★ 7K+

29-Jan-22 10:30

659

Answers (8)

Husband

CA Suraj Lakhotia

Admin

29-Jan-22 10:32

CA Suraj Lakhotia Admin

Husband

Thank you : )

Thread Starter

Apparnah k

CA Inter

★ 7K+

29-Jan-22 10:40

CA Suraj Lakhotia Admin

Husband

Is it due to clubbing of Income....?

Thread Starter

Apparnah k

CA Inter

★ 7K+

29-Jan-22 10:58

CA Suraj Lakhotia Admin

Husband

Sir,relating to premiums of lic even relating to children's can be claimed by the assessee (husband or wife) in which whose tax payable is more and no relavance that lic premium to be claimed by the person in whose name LIC is??

vasabattula abhinav

CA Final

★ 85

29-Jan-22 11:01

10(10D) exemption is applicable for any kind of LIC policy taken, but there are exceptions. Assume 10(10D) N/A in this policy. On whose hands income will be taxed? what if the child is minor, what if child is major?

Thread Starter

Apparnah k

CA Inter

★ 7K+

29-Jan-22 11:27

Thread Starter

Apparnah k

Income here is proceeds from LIC policy.

Thread Starter

Apparnah k

CA Inter

★ 7K+

29-Jan-22 11:28

Taxable in the hands of person who paid the premiums

Yoga Vishnu

CA Final

★ 11K+

30-Jan-22 22:52

Yoga Vishnu

Taxable in the hands of person who paid the premiums

Thanks : )

Thread Starter

Apparnah k

CA Inter

★ 7K+

31-Jan-22 06:27