Can husband claim LIC paid by wife?Asked by: Cooper Bernier | Last update: February 11, 2022
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If a life insurance policy was purchased with community property income (if premiums were paid using community property money), the surviving spouse may file a life insurance claim for half or a portion of the policy proceeds if someone other than the spouse is listed as the beneficiary.
Can husband claim wife's LIC premium?
Yes, in a family husband or wife any one can pay the life insurance premium and claim the tax benefits under section 80 C of income tax act. Children till the age of 23, their insurance premiums can also be paid and claimed for tax deductions.
Can I claim my wife LIC policy?
Correct answer : (b) Justification of correct answer : Premium on life insurance policy can be claimed as deduction under section 80C. In case of an individual, deduction is available in respect of policy taken in the name of taxpayer or his/her spouse or his/her children.
Can I claim my father LIC for tax exemption?
Tax exemption offered under section 80C on life insurance policies from LIC: If you have purchased a life insurance policy on or before 31st March 2012 in your own name or in the name of spouse or child, then up to 20% of tax deduction can be availed on the premium paid towards life insurance policy.
Can 80D be claimed by spouse?
Yes. Under section 80D, it allows the policyholder to save tax by claiming medical insurance incurred on self, spouse, dependent parents as a deduction from income before paying the taxes. The person's age should be 60 years or above to be eligible to claim the medical expenses.
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Can both husband and wife claim medical insurance?
Yes, it is possible to claim maternity benefit from two corporate group health insurance policies. ... Do note that the total amount payable under both the policies put together cannot be more than the actual medical expenses incurred.
Is proof required for 80DDB?
To claim deduction under section 80DDB, it is mandatory for the assessee to provide a proof of the need for treatment and a proof that the treatment has been actually undertaken. Therefore, it is compulsory to obtain a prescription for such treatments from a qualified doctor.
Can I pay rent to my mother?
You can pay rent to your parents if you are staying with your parents. This should be done by transferring the money (rent) to their bank account or pay via a cheque. This way you will be able to claim your HRA deduction properly. Since rent is paid to owners, the property must be owned by your parents.
Can I pay LIC premium for my father?
You can certainly pay your parents Insurance premium but you cannot claim it in your Income Tax Return, as according to the present rules parents can pay premiums for self,their children and spouse and claim IT rebate on it. If your father needs to claim the rebate , he will have to pay from his account .
How much money can you gift to a family member tax free in India?
As long as the sum of all the gifts received during the year does not exceed the threshold of fifty thousand rupees it is fully exempt but whole of the amount becomes taxable once it crosses the threshold of fifty thousand.
Can I pay my wife's insurance premium?
Yes, you can. If you buy an insurance policy in the name of your wife or daughter and such policy is bought from your taxable income, you are eligible for 80-C deduction. However, it is advised that the upper limit of Rs 1,50,000 may be kept in mind.
What comes under 80CCC?
Section 80CCC – Insurance Premium /Section 80CCD – Pension Contribution. ... 80CCC allows deduction for payment towards annuity pension plans Pension received from the annuity or amount received upon surrender of the annuity, including interest or bonus accrued on the annuity, is taxable in the year of receipt.
Can someone else pay my insurance premium?
MUMBAI: You cannot pay for someone's insurance cover in India. As per the anti-money laundering provisions, the money for the premium must come from the bank account or the credit card of the insurance customer. Third-party payment for insurance premiums was banned to tackle money laundering.
How much money can a husband give his wife tax free?
Gifts up to Rs 50,000 per annum are exempt from tax in India. In addition, gifts from specific relatives like parents, spouse and siblings are also exempt from tax.
What happens if I stop paying LIC premium after 3 years?
So if you have already paid 3 years' premium, not paying any future premiums will convert the policy into a paid-up policy. You won't get any money back in the year you turn it into a paid-up policy but will have to wait till the policy's original maturity.
Can I pay LIC premium for my son?
Yes, you can claim a tax deduction on the premium paid for the insurance policies for your sons. A tax payer can claim a tax deduction of up to Rs 1.5 lakh on life insurance premiums paid for a life insurance cover for himself, spouse and children.
What if LIC premium is paid twice?
Duplicate payment made through Bill Pay will be refunded to our service provider to be credited back to Policyholder's account. The refund process shall take 6 to 8 days.
Can rent be paid to non owner?
You can claim House Rent Allowance (HRA) tax benefit under Section 10 (13A), only if you are in receipt of HRA from your employer and you are actually paying rent for the residential accommodation which is not owned by you. ... However, the transaction of paying rent should be genuine and not a sham one.
Can HRA be claimed for paying rent for 2 houses?
Yes, you can claim HRA exemptions on two houses, subject to the fulfilment of certain conditions.
Can I rent a property to a family member?
Is renting my property to a family member legal? While not illegal, you must have the right mortgage in place to rent in the first place. You must also be aware that some mortgage lenders see renting to family as a higher risk buy-to-let mortgage than letting to non-family and they may apply different lending criteria.
What is the difference between 80DD and 80DDB?
As per Section 80DDB, resident individuals or HUFs claim can claim tax deductions on medical expenses incurred on self or a dependent family member for certain diseases listed in the Act. Just like Section 80DD, Section 80DDB also covers a spouse, child, parent, brother, or sister who is dependent on you.
What is 80DDB section?
What is Section 80DDB? Under Section 80DDB of the Income Tax Act 1961, an individual can claim tax deduction for medical treatment of certain specified ailments availed for self or a dependent. The dependent can be spouse, parent or sibling.
Does husband's insurance cover pregnancy?
Even if your wife's pregnancy began before she was insured under your health insurance policy, her maternity care must be covered. Also, having a child qualifies you for a special enrollment period. So, if your spouse isn't on the health plan, you can add her to the coverage if she's pregnant.
Can you claim on two insurance policies?
No, doubling up on your car insurance isn't illegal. However, if you make a claim from two insurance providers, you can't try and claim for the full amount from each of them. Doing so is considered fraud, which is illegal.