Upon exhausting the tax rebate by the insured, let's understand if the spouse is eligible to claim tax benefits on the LIC premium
Let's assume that you're paying a certain amount as a premium for an LIC policy that insures yourself, and you have crossed the limit of Rs 1.5 lakh tax rebate. Now, you're not claiming this premium but can your spouse take a tax benefit on this premium? Let's understand. Section 80C of the Income Tax Act provides a deduction of up to Rs 1.5 lakh for the premiums paid on life insura
This article was originally published on June 13, 2022.
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