No tax benefit available on premium paid for parentsí life insurance
This deduction was available only till FY12 under Section 80CCF of the IT Act. Hence, you can claim deduction of R1 lakh under Section 80C only.
I purchased a house last month by taking a housing loan from SBI. I am paying equated monthly instalments (EMIs) to the bank. Can I claim payment of such EMIs as investment benefit under Section 80C?
The EMI consists of two components: principal amount and interest. The principal component of the EMI qualifies for deduction under Section 80C as repayment of housing loan. Further, the amount paid as stamp duty and registration charges at the time of purchase will be eligible for deduction under Section 80C. You can also claim interest expenses actually paid, subject to a maximum of R1.5 lakh, as loss from house property. The income from a house property can be deducted from the income from salary while computing the taxable income for the financial year.
I want to take an insurance policy in the names of all my family members ó my wife, two daughters and parents ó to claim deduction under Section 80C. Can I claim the deduction in respect of such premium payable to LIC under Section 80C?
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