No tax benefit available on premium paid for parents’ life insurance
Suresh Surana: Jan 22 2013, 01:39 IST
provisions of Section 80C, life insurance premium can be claimed for tax rebate by an individual only where the policy is taken for his own benefit, or his/her spouse, or their child. Therefore, you won’t get any tax benefit on premium paid for life insurance policies of your parents.
I want to take a pension plan for my retirement. However, I have already reached my investment limit of R1 lakh under Section 80C. Can I claim the deduction in respect of investment in a pension plan over and above Section 80C?
Ram Kumar
Section 80CCC of the Income Tax Act stipulates that an investment in pension funds is eligible for deduction from your income. The total deduction available for investments under Section 80CCC and Section 80C is R1 lakh. This also means that your investment in pension funds cannot be claimed as deduction u/s 80CCC in addition to the Section 80C limit.
The writer is founder of RSM Astute Consulting Group
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