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Dependants' Insurance Premium

S. Srinivasan wants to know if he can claim tax exemption on the insurance premium of his wife & daughter

I pay premiums for my wife's and daughter's life insurance premiums. Overall the amount is Rs 45000 annually. Can I claim tax exemption on this amount under Section 80C? Can I claim exemption under any other section of the Income Tax Act?
-S Srinivasan

Yes, you can include this amount while computing your total savings under Section 80C. There is no other section in the Income Tax Act under which you can claim exemption on insurance premium paid for other family members.


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