Can we claim spouse LIC in 80C?

Asked by: Gus Corkery  |  Last update: February 11, 2022
Score: 4.6/5 (1 votes)

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 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 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 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.

Can we submit parents LIC in 80C?

No, LIC/annuity policies for mother cannot be claimed under 80C, However you can claim the policy premium amount of upto ₹25,000 in case of MediClaim/Health Insurance.

Section 80 C : Life Insurance Premium-Actual Amount || Section 80 -C and LIC - Description

35 related questions found

Who claims 80C deduction?

The provisions of Section 80C apply only to individuals or a Hindu Undivided Family (HUF). Hence, a company or a firm cannot take the benefit of Section 80C. I have been paying life insurance premium to a private insurance company.

Can I claim my working wife as a dependent?

You do not claim a spouse as a dependent. When you are married and living together, you can only file a tax return as either Married Filing Jointly or Married Filing Separately. You would want to file as MFJ even if one spouse has little or no income.

Can I claim insurance for my wife?

"You and your spouse cannot split the insurance premium amount and claim it separately for taking the deduction because only the person (who is the proposer) paying the premium can claim deduction under section 80D of the Act," he said.

Is 80D included in 80C?

The most commonly used Sections for tax-saving under the Income Tax Act are Section 80C and Section 80D. Popular instruments like EPF, ELSS, ULIP, NPS, etc. are deductible under Section 80C. However, Section 80C has a cap of only Rs.

Is PPF part of 80C?

PPF contributions made every year are eligible for tax deductions under Section 80C of the Income Tax Act, 1961. ... PPF accounts also have a maximum deposit limit of Rs. 1.5 lakhs per year, therefore, all deposits made to your PPF account can be claimed as deductions u/s 80C.

Are all LIC policies eligible for 80C?

The investment in life insurance can be deducted up to Rs 1,50,000. (Rs. ... It a common perception that Premium Paid on all Life Insurance Policies qualifies for deduction under section 80C of the Income Tax Act,1961 and full premium amount qualifies for deduction under section 80C.

How can I gift money to my wife to save taxes?

According to the income tax law, if you give some money, which is not part of your income, as gift to your wife then you will not get any kind of tax rebate on it. According to the law, it will be considered your own income and so the tax liability will be yours too.

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.

Can husband and wife claim health insurance?

"You and your spouse cannot split the insurance premium amount and claim it separately for taking the deduction because only the person (who is the proposer) paying the premium can claim deduction under section 80D of the Act," he said.

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.

How can I save my tax except 80C?

Income tax saving instruments other than 80C can be listed under the following acts:
  1. Interest Income Generated from Savings Account Deposits. Section - 80TTA. Limit – ₹10,000. ...
  2. Interest Component Paid Towards Education Loan. Section - 80E. Limit – No limit. ...
  3. Premium Payment Towards Health Insurance Policies. Section - 80D.

How can I reduce my tax after 80C?

Recommended ways of saving taxes under Sec 80C,80D and 80EE
  1. Make an investment of Rs 1.5 lakh under Sec 80C to reduce your taxable income. ...
  2. Buy Medical Insurance, maximum deduction allowed is Rs. ...
  3. Claim deduction up to Rs 50,000 on Home Loan Interest under Section 80EE.

How much can I save under 80C?

Section 80C is a popular tax-saving deduction where you can save up to a maximum of Rs 1.5 lakh per financial year, using certain investments and expenses.

Which insurance is best for housewife?

Unit Linked Insurance Policy (ULIPs)

As ULIPs provide dual benefits of life cover protection and investment opportunities under a single policy plan, it makes for an ideal plan for housewives.

Can you insure your spouse?

Once you are married, you are eligible to join one another's employer-sponsored health insurance. ... You may also be subject to the “spousal surcharge,” where an employer will charge more for a family health insurance plan if it knows that a spouse has a health insurance plan available at his or her own employer.

Is my spouse a Dependant?

Your spouse is never considered your dependent.

If you're filing a separate return, you may claim the exemption for your spouse only if they had no gross income, are not filing a joint return, and were not the dependent of another taxpayer.

Is my husband a dependent on health insurance?

Health plans typically count spouses and children as dependents, but generally don't include parents. ... If you're interested in getting health coverage for your parents, contact your health plan to find out if you can add them to your plan. Your parents must, generally, be claimed as tax dependents.

Is a spouse a dependent or beneficiary on health insurance?

What is a beneficiary? When you add a dependent, you will be asked if you want to use your new dependent as a beneficiary. ... For example, if you will be including your spouse in your medical coverage and designating him or her as a recipient of your life insurance, then your spouse is both a dependent and a beneficiary.

Can I claim both 80CCD 1B and 80CCD 2?

Tax benefits under Section 80CCD(1B) can be claimed over and above the deductions available under Section 80CCD(1). The provisions under Section 80 CCD (2) come into effect when an employer is contributing to the NPS of an employee.