I'm paying LIC premiums for my mom and dad from 2009. Can these premiums be claimed under tax exemption in any section or way? In my previous company, they accepted these premiums for tax exemptions as I'm the only one paying the premiums. My present company is denying doing so now. Please clarify my above doubts.
From India, Vadodara
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From India, Vadodara
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Insurance premium paid for parents is not eligible for deduction under section 80C.
From India, Pune
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3180From India, Pune
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Clarification to above; Section 80D provides tax deduction for health insurance of parents of assesee. In case of senior citizens,deduction is upto Rs20000.
From India, Pune
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From India, Pune
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In any other section or in any other way, can't I make the claim? Because my parents are not working, since policies are taken by me in their names, and I'm paying the premiums every six months from my bank account, and no one is claiming the premiums.
From India, Vadodara
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From India, Vadodara
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You can get deduction section 80D for health insurance of parents.Mediclaim policy)
From India, Pune
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From India, Pune
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Circular No 1-2018 Processing of income-tax returns under section 143(1) of the Income-tax Act .pdf
Tax Exemption (SUPERB).doc