Generally person has some confusion about on who's name saving under section can be done and whether 80C benefit can be availed where investment is being done in the name of children or wife/Husband name or Joint name . We have consolidated the rules which resolve the issue . After reading this post if any doubt left then ask queries in comment section .
80c saving
you can comment on above link is given below for comment.
Complete List of Schemes Available under section 80C may be downloaded from link
- Deduction under section 80C schemes in total is available up to Rs.100000 /- including 80CCD and 80CCC
- The limit of one lac as above is total limit u/s 80C for all type of savings ,plus section 80CCC(pension policy) plus u/s 80CCD(Contributory Pension Plan).Means the aggregate amount of deduction under above referred sections can not exceed Rs. 1,00,000.
- PPF limit of 100000 is not as per income tax act but specified under ppf scheme more over the limit is combined for individual plus minor child.
- Accrued interest on NSC is also available for rebate for first five year
- Holding period has been either defined under income tax or under scheme qualified in for deduction u/s 80C
80c saving
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you can comment on above link is given below for comment.
Complete List of Schemes Available under section 80C may be downloaded from link
PPF limit is 1 lac (notes #3), not 70000 as mentioned the table.
ReplyDeleteI have availed a housing loan with another person as co-borrower. The property is registered in my name. Now as I have retired from ervice, the co-borrower is repaying the instalments. Whether he can claim "Deduction u/s 80(c) for the repayment of housing loan and
ReplyDeleteinterest u/s 24. The rent recd from the above property is also
being credited to his account only
Correction done
ReplyDeleteDear KVBRSK
ReplyDeleteOther person can not claim deduction u/s 80C as house property is not in his/her name
Thanks for the detail, still i have a clarification,
ReplyDeleteMy mother in law gets rental income from her owned property and pays LIC premium for my child and also PPF in my wife's name. whether she can claim these as deductions from her income ?
Dear Anoy
ReplyDeleteYour Mother-in-law is not eligible to claim deduction u/s 80C for Lic premium paid for your children.
However for ppf deposited in your wife's name ,she can claim deduction u/s 80C from her Income
I have querry regarding tax benefit under sec 80C , if investment is made in other persons name. Unfortunately I have lost my son in a railway accident. His wife is staying with us . My son had earlier taken a LIC policy in her name and he paid the premium. Now if I pay the LIC premium whether I will get the tax benefit under sec 80C.- ggd
ReplyDeleteDear anoy
ReplyDeleteUnfortunately you can not claim deduction u/s 80C for Lic premium paid for son's wife(Daughter in law)
I put some amount on my wife name under 80c fixed deposit?Can i claim under 80c?
ReplyDeleteNo, you can not , however you can open fd on joint name , first holder name must be yours
Deletelic premium paid for parents lic is allowable deduction
ReplyDeletelic premium paid for married daughter is allowable deduction
1. lic premium paid for parents lic is not allowed
Delete2. lic premium paid for married daughter is allowed
Can a minor child qualify for deduction u/s 80 c in his own IT file paid out of the father income
ReplyDeleteIncome of minor is to be clubbed with parents income .If minor has there own income then he should invest of their own funds
DeleteHi can my mother take an insurance policy in my wife's name and claim 80c excemption?
ReplyDeleteNo ,your mother can not claim this deduction by taking life insurance policy on your wife name .
Deletecan one only get benefits if invested in lic or any funds ?? i mean if i open a recuring account or i do fd in bank will i get tax benifet ??
ReplyDeleteDear Manish ,
DeleteYou have not gone through the complete list given above, FDR at bank taken for 5 year and above (its called tax saving FDR)can also be taken u/s 80c.Pls check complete list at here
http://taxclubindia.com/simple/80c.pdf
Dear Rajan,
ReplyDeleteUnder 80C, my wife has some investments. When summed up with PF does not exceed 1 lakh rupees.
Similarly, I have some investments, when summed up with PF exceeds 1 lakh.
IF both of ours investments and PF clubbed together, reaches 2 lakhs.
While claiming, can I show her investments, and she do the same of mine?
Thanks!
Dear Neeraj,
DeleteYou can do so if you/your wife have paid in cash .If paid through cash then it is difficult to prove that the same has been paid on other's behalf.
Further use this trick only where income is exempted like pf /Life insurance or expenses like tuition fees etc
I am paying the LIC premiums on the life of my parents who are dependent on me. Should I get the deduction u/s. 80C of the Income Tax Act, 1961.
ReplyDeleteNo deduction available on premium paid parent's name even they are depended on you...
DeleteAccording to above table. Tax saving investments in Mutual fund's ELSS in the name of minor is not available under deductions. Is it? Please clarify.
ReplyDeleteyes , it is not available on minor's name
Deleteif the LIC is taken by the husband and both Husband and wife are insured , permium is paid from wifes account,
ReplyDeleteboth are earning members,
who will get 80C deduction?
the person who has paid the premium can avail deduction , in this case wife has paid so she can claim 80c deduction
DeleteWorking wife needs an option for 80C, can she use Husband's PPF account, put money and claim or needs to have her own PPF account?
ReplyDeletewife can deposit in husband's PPF account
Deletehii rajababu .. thanks for sharing.. your knowledge with us...
ReplyDeleteCan I claim 80 C deduction for the policy amount in my son's name , who is employed in U S A
ReplyDeleteyes you can do so , As per income tax act no bar on it...However please also inform insurance company also.
DeleteCan i get tax rebate on lic premium paid for my brother who is not earning ?
ReplyDeleteNo , you can not claim
DeleteMyself and my wife both are earning members. My wife's income is 2.5 lac per annum plus interest from FD - Rs 29000 per annum (on which no tax is charged by submitting form-15G).I fall under 30% tax bracket.If I invest Rs 1 lac in my wife's PPF account, can she claim Rs 1 lac as investment under 80c, and avoid any tax.Please note that all her income is put in FD in her name and I invest in her PPF (PPF account is in her name)account. Please advise whether it is OK or my wife should invest in PPF from her account only.
ReplyDeleteIf money is deposited by you then you can claim deduction u/s 80C not your wife,subject to overall limit given in section 80C ie 1 lakh.
DeleteShe should invest in ppf account from their own account to claim deduction under 80C
Further she can not give 15G form as per rule , so she should avoid to do it again in future .
15G can only be submitted if income is less than exemption limit
Understood the first point.
ReplyDeleteFor second point,her taxable income is 2.4-1 (under 80C like PF and other investment)- .024 (professional tax)= 1.37 lac per annum, which is below min tax slab.
In view of that why 15G cannot be submitted. It would be very helpful if you could please explain.
thanks for your kind help.
Yes ,I have given incorrect remarks by taking your wife's income only from interest =2.5 lakh . The below answer is also given on the assumption that your wife's income is only from interest .
ReplyDelete===================================
As per Form 15G two conditions are to be satisfied
1)First , Tax on total income is nil and
2. Income from interest etc (for which 15G is to be submitted)is less than maximum exemption limit. (1.9 Lakh in fy 2011-12 for female)
Both the condition must satisfied.In case of your wife ,first condition is ok that nil tax is payable , but second condition is not satisfied ,as her income from interest is more than 2.5 Lakh so she can not furnish 15G.
---------------
Correct answer as per facts given by you : your wife can furnish form 15G
i am having 2 term deposit one of 50000 of cantax and another 3 lakhs for 4month which matured in april 12. the bank deducted tds . so wether i have to pay again on interestor not
ReplyDeleteBank has deducted the tds @ 10 % only . You should add bank interest to your income and calculate your tax on total income including your interest income after tax calculation claim tds credit from your total tax .
DeleteIn brief you have to pay for short fall if any .
Give your income details ,so that we can give you specific advice
Dear Sir,
ReplyDeleteKindly advice me,, Actually I have paid LIC premium amount Rs. 12972 for past 3 years .
In that, Sum Assured is Rs. 1,00,000
Single Premium is Rs.3836 ,so for 3 years are Rs. 11,508.
Under 80C how much exemption will be allowed: 11,508 or 12972(inclusive of interest).
in my opinion 11508 , penalty is not allowed
DeleteDear Sir,
ReplyDeleteI am having a LIC policy against my name but the premium is paid by my mother , can I get the rebate under section 80c.
Please do note.
1. My mother is not dependent on me.
2. LIC policy is against my name.
3. The premium was paid by my mother.
No you can not claim benefit u/s 80C as premium has been paid by your mother . However your mother can claim
Deletejust wanted to add that I am salaried employee..
ReplyDeletesame answer even then
DeleteHello Sir,
ReplyDeleteI want to buy NSC on behalf of my sisster's minor Kid( 2 years). If I buy nsc in this situvation, Whether rebate of income-tax under section 80C will be available for me?. Some accountents says, you are eligibile since the amount has been pain from my income. Kindly guide me
nOT AVAILABLE, NSC must be in your name only
DeleteHello Sir,
ReplyDeleteI have a LIC policy in my name, the premium(13250/-) of which has been paid thru my bank a/c and i have not availed any tax benefits on the same.
Can my mother take tax benefit against this under section 80C?
No, person who has paid the amount can only take benefit. if the amount has been paid by your mother then it can be claimed by her
DeleteCan we claim LIC deduction for Grand children paid by Grandfather
ReplyDeleteNo ,person can not claim 80C benefit for Lic premium paid for policy taken on grand children name
DeleteI have made 2 LIC policies in the month of Jan'12. My company had already deducted the tax from my account till then. How will I claim a rebate(return) from the deducted tax. Please let me know which form I have to use, today is the last day of submission.
ReplyDeleteYes you claim benefit of Lic premium paid even it has not been considered by your employer.
Deleteread here
http://www.simpletaxindia.net/2012/07/e-filing-income-tax-return-common.html
Kindly Inform me whether is it poosible to have a joint name with my parents for Tax saving Fixed deposit.
ReplyDeleteYou can but fist name must be yours
Deletehey... can my mom do fd on my name in bank of RS.10 lakh to avoid tds....i also work n my income is not taxable....my age is 19....
ReplyDeleteYes, she can ,but this amount should be given to you as gift.and Income from FD will be added in your income
DeleteIf I have take a LIC policy for my childrean with my wife's name , Can i claim 80C benefit.
ReplyDeleteIf you are paying for it, then yes you can take the benefit
ReplyDeleteI have few investment under 80c for IT benefits which I am not able to use since already 100000/- filled with other deduction. Can my wife use those LIC investment for for taking benefits under 80C ?
ReplyDeletePankaj
if your wife has paid your insurance policy's premium then she can claim deduction u/s 80C
ReplyDeletecontribution to lic premium of a married dauthter. does this item eligible for deduction u\s 80c
ReplyDeleteYES ,this item eligible for deduction u\s 80c
ReplyDeleteI want to invest in some tax benefit fixed term deposits on my son and wife name. Can i submit these under 80C in my company as investment proof?
ReplyDeleteYour should either buy on your name or joint name and first name should be your .But to avoid complacency you should invest on your name only
DeleteIf I have taken policy for my father. If I am paying money for policy can I show for tax saving
ReplyDeleteMr.Raja babu, I appreciate the way you are answering to all question, I need to ask you one question.
ReplyDeleteI have 20 Lakhs LIC policies (paying annually 75000 INR) and Iam getting 12 Lakhs salary annually, so how much amount i can save from my income tax under 80C?
I got answer for my question myself, i,e., just because of investing 1 lakh under 80C, my taxable amount will be considered as 11 Lakhs instead of 12 Lakhs. Isnt't it? max limit is only 1 lakhs, what ever amount above 1 lakh for LIC that cannot be considered for saving of income tax. so what can i do to save remaining taxable amount?
ReplyDeleteMy sister is having SBI ULIP plan and she is unmarried.I am paying her annual installment of Rs. 100000. So can i get tax benift on the same?
ReplyDeletePravin
ReplyDeleteMe and my wife have Housing loan jointly and property also registered installment also paid from joint bank ac. can we both show this for tax saving.
yes ,both of you can claim house loan benefit in ratio of your share in property
DeleteI have policy on my wife's name, I am paying the premium, She is not working anywhere and hence no way to declare that amount for exemtion. Can I avail benefits on it?
ReplyDeleteAlso I am paying premium for my mother and father and I am the nominee for these policies, can I avail benefits on it?
yes, you can claim premium paid for your wife's policy as deduction u/s 80C ,however for father and mother's policy you can not claim deduction
DeleteThanks Raja Babu for your help.
DeleteI have opened a PPF account recently. Can my wife open one in her name and I deposit money into it. She is a house wife. Do not have any income.
ReplyDeleteyes you can deposit amount in your wife's ppf account and can claim deduction u/s 80C ,however total limit remains 100000 u/s 80C.
DeleteYou can deposit one lakh each in both he accounts and can earn interest free income.
My husband has one ICICI & one LIC policy and is not employed, If i do the payment of that policy then Can I submit his ICICI & LIC documents & claim a tax deduction under sec 80c and How?
ReplyDeleteyes,you can pay premium of these policy and can claim deduction u/s 80C , premium receipts and paid by me certificate by you is enough to claim deduction
DeleteThank you sir for giving me help but can you please let me know also what is paid by me certificate?
DeleteSir, one more thing can you please let me know that if LIC payment is done by my credit card but payment of that card by my husband's saving account and he will not claim for the same then what will be the procedure for claiming for me....Thanks in advance!
Deletewhy are you complicating things,just deposit premium through your cheque and claim deduction.In above situation you can claim deduction if you refund money to your husband now.
Deletepaid by me certificate means just write on receipt that payment has been made by me
DeleteI have a ELSS on my name, that i have shown for tax exemption. Can My wife also provide that doc for the tax exemption. We both are working.
ReplyDeleteNot at all , same document can not be used , however your wife can invest in her own name.
DeleteI had invested in life insurance on my husband’s name this financial year. I had transferred this amount to his account online, and he had made the insurance premium payment through his credit card, whose bill was paid online through his saving’s account online. What investment Proofs do I need to submit to claim deduction under Section 80 C?
ReplyDeleteAlso what proof do I need to submit for investment in PPF in his name. The payment was made through his cheque?
I have taken a LIC policy in my name and the nominee is my mother. Can I claim 80 C deduction for the LIC policy?
ReplyDeletewe both husband and wife are working, Can I claim 80 C deduction for my husband LIC policy?
ReplyDeleteIf you have paid the premium than you can claim
DeleteWhat proof can i show for tax benefit if I pay my husbands lic premium
ReplyDeleteLic premium receipt and certificate on photo copy that payment has been made by you .
DeleteAdditionally you can provide bank statement photo copy if payment has been made through cheque
Can i pay my wife's premium through my credit card and claim income tax deduction ?
ReplyDeletehi,
ReplyDeleteplease let me know, what are all the savings can be made in my wife name to get tax benefit.
As i know, LIC & NSC can be taken in wife name and it can be claimed for 80c, is PPF also can be claimed.
NSC can not be purchased on wife's name to claim 80C benefit
Deletecan i avail this benefit(RGESS) both on my name and wife name? she is a house wife
ReplyDeleteNo you can not
DeleteCan i get the benefit under section 80C (LIC Premium), if i paid the premium for my friend????
ReplyDeleteNo , you can not claim
DeleteLIC premium paid by father for his major sons policy.
ReplyDeleteCan the son claim 80C deductions
No ,son can not claim
DeleteI have 2 policies , out of which One is Max new yORK ulip having annual premium of 16000 and second is LIC jeevan Saral having premium 12000 annual . So my question is how much tax could I save from this paid premium? Thanks in Advance
ReplyDeleteIt depends on , which slab of income tax is applicable to you , if 10 % then tax saving will be 2800
Delete20% then tax saving will be 5600
30% then tax saving will be 8400.
if no tax applicable on you then no tax saving at all.
please suggest if have pay my parent lic premium, shall i get the rebate for the same.
ReplyDeleteYou can't get rebate if u paid premium for ur parents..
ReplyDeleteI have annual LIC premium payment on 10th feb each year.can I claim tax benefit in FY 2013-2014 for premium paid on 10th feb 2013?
ReplyDeleteno you can not .If you pay the premium in Fy 2013-14 then it can be claimed in 13-14
DeleteI am a salaried individual in 20% tax bracket. My wife is housewife with NIL income. Can I gift her 1 lac to invest in her PPF account. This is not for 80C benefit. This is to avoid Clubbing of income (on gift to spouse) for the interest gained from PPF on maturity. Since PPF is EEE.
ReplyDeleteYES ,this is a valid tax planning ,you can do like this.
DeleteHi If i buy NSC bond in the name of my child who is minor, will i get tax exemption?
ReplyDelete