Sir,
May I eligible to claim I.T.rebate in respect of Life insurance premium paid of my father or my adult son who is not depended on us?Waiting for reply.
Sir,
May I eligible to claim I.T.rebate in respect of Life insurance premium paid of my father or my adult son who is not depended on us?Waiting for reply.
Welcome Pritam,
you are very naughty I think. Why sir? Please write friend,Partner etc as you like.
No rebate can be claimed for your father’s premium because he is not your spouse or children. The life of your spouse or children qualifies for rebate under I.T. section.
That is why you are entitle to claim rebate for your adult son even though he is not depended on you. With thanks friend.
I am fully agree with you my friend (A.B.Pal).
Let me add some more. Maximum amount of Rs.1,00,000 per annum is entitled to be exempted from taxable income under section 80C of the Income tax Act, 1961 . Insurance Premium rebate is available under that section on the life insurance premium paid by an employee, on his/her life, his/her spouse life of any child (including adult children married / unmarried). Maximum Benefit restricted to 20% of the sum assured.The matter of dependencey is not a fact under that section.
Its my pleasure to have so many good friend like you here. Thanks Pritam for this nice topic. I think a separate segment regarding I.Tax is exigent for this forum. I am requesting our dearest Admin to look into the matter considering the importancy and spectrum of the Subject.
I understand that Shri Pal certainly did not mean what he wrote for his ‘DEAR’ friend.
But see what is the result.
Sir I once again request you all to kindly read your comments at least once before finally posting it.
