Question: Can We Claim Parents LIC In 80c?

Who can claim LIC deduction under 80c?

Apart from several other items provided under section 80C, a taxpayer, being an individual or a Hindu Undivided Family (HUF), can claim deduction under section 80C in respect of premium on life insurance policy paid by him/it during the year..

Can I claim a tax deduction on premiums for my son?

Yes, you can claim a tax deduction on the premium paid for the insurance policies for your sons.

Can I claim my wife as a dependent if she doesnt work?

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.

How much money can a husband give his wife tax free?

1) Gifts up to Rs 50,000 in a financial year are exempt from tax. However if you receive gifts higher than this amount, the entire gift becomes taxable. For example, if you receive Rs 75,000 as a gift from your friend, the entire amount of Rs 75,000 would be added to your income and taxed at your slab rate.

Is house rent included in 80c?

An individual paying rent for a furnished/unfurnished accommodation can claim the deduction for the rent paid under Section 80 (GG) of the I-T Act, provided he is not paid HRA as a part of his salary by furnishing Form 10B.

Can LIC premium paid for dependent parents be claimed?

LIC Life Insurance Premium Life insurance premium paid by you for your parents (father / mother / both) or your in-laws is not eligible for deduction under section 80C. … Insurance premium paid for yourself, your spouse or your children is allowed as deduction under section 80C of Income Tax Act.

Can I pay rent to my parents to save tax?

Save tax as a family – By submitting rent receipts and paying it, you will be able to claim exemption on HRA. Your parents can deduct property taxes and also claim 30% standard deduction on the rental income. … In case they do not have any taxable income, you will be able to save significant tax as a family.

Is LIC premium under 80c?

Life insurance premium payments can be claimed as deduction under Section 80C subject to a maximum limit of Rs. 1,50,000. The only condition is the premium must be less than 10% of the sum assured.

What is basic deduction 80c?

80C allows deduction for investment made in PPF , EPF, LIC premium , Equity linked saving scheme, principal amount payment towards home loan, stamp duty and registration charges for purchase of property, Sukanya smriddhi yojana (SSY) , National saving certificate (NSC) , Senior citizen savings scheme (SCSS), ULIP, tax …

How much rent is tax free?

An IllustrationConditionTax Exemption1Rs 60, 000 (@Rs 5000 Per Month, according to the HRA exemption 2016-17 rules, earlier the limit was Rs 2, 000)2Rent paid i.e. 1.5 Lakhs – 10% of the total annual income, i.e. Rs 40, 000= Rs 1, 10, 000325% of the total income= Rs 1 LakhNov 18, 2020

How much rent income is tax free?

You need to pay tax on this rental income. However, if your total taxable income in India (including rental income or any other source of income) does not exceeds the maximum amount not chargeable to tax (2.5 lakh), you are not liable to pay tax on it. The gross rent received by you is not fully taxable.