Can we claim spouse LIC in 80C?

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?

How can I reduce my tax after 80C?

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.