80C Deduction for payment of LIC Premium of Wife?

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    V.S.KALIDASS New Member

    Respected sir,
    I have paid LIC ( ordinary policy ) Premium for my wife's policy .Can I avail income tax deduction to me u/s 80C.Please clarify Sir with rules.
  2. rudrabose

    rudrabose Active Member

    Yes, you can claim deduction for payment of Life Insurance Premium for insuring the health of your wife.
  3. Dear Kalidass,
    Yes. can take the dedction under 80C of the IT Act for the Premium paid for yourself, your spouse or your children as per the provision of Sec. 80C of the I.T Act, 1961
    But premium paid for your parents or for your inlaws is not qualify for deduction undere the above section.
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