Ask Value Research 22-Feb-2018

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

A tax payer can claim a tax deduction on premiums paid for a life insurance cover for himself, spouse and children

By Research Desk

I am paying an annual premium of Rs 25,000 for two LIC policies -- Jeevan Saral and Money Back Policy -- for my two sons, aged 23 and 25. Can I claim a tax deduction on the premium under Section 80C of the Income Tax Act?
- Rakesh

Yes, you can claim a tax deduction on the premium paid for the insurance policies for your sons. A tax payer can claim a tax deduction of up to Rs 1.5 lakh on life insurance premiums paid for a life insurance cover for himself, spouse and children.

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