Can we claim 80C deduction in LIC?- Property Hotline
August 18, 2016
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2:07Now PlayingCan we claim 80C deduction in LIC?- Property Hotline
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as posted by the channelExpert: Ashish Sodhani, Associate - International Tax Practice at Nishith Desai Associates.
Question: I have 2 granddaughters. I want to take an LIC policy of Rs5 lakhs each on their names. Can I take the LIC policy in their name and claim 80C deduction?
Answer: 80C provides for deduction in respect of LIC, contribution of provident fund etc. available to the assesse. Person eligible to take LIC for another are restricted to immediate family i.e. spouse and children. Grandparents do not get deduction on payment for granddaughter.
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