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No! As per provisions of section 80C of the Income Tax Act, 1961, Deduction of Insurance Premium Paid to an Individual is allowed ONLY IF the Policy is taken for his own life, life of the spouse or any children. Since the Act specifies the Persons covered under this section and Grandsons are not covered. Hence, Grandfather CANNOT get the tax benefit under section 80C of the Income Tax Act, 1961 for the Insurance Premiun paid for his Grandson. |
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ansh
[ Scorecard :54 ]
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What incase the Grand Father Is a proposer/Payor and the policy is in the name of Grandson??
Can he not claim 80C benefit for payment of premium?????
Now My Content is pretty clear, Here the Grand Father is a Proposer and Child is Life Insured.
Some of the Insurance Endowment Policies allow this. |
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