Section 80C of the Income Tax Act says that the premiums paid by an individual for the life insurance cover for self, spouse, and children are eligible for tax deduction up to ₹1,50,000. So, for the premium paid for the life insurance policy of a housewife, the income tax deduction on the premium can be claimed by the husband or the insured individual if she files her income tax returns.
For example, if the husband has paid the housewife’s life insurance premium, either she or her husband can claim deductions while filing their income tax. It must be noted that only one of them can claim this deduction for a particular year. This tax benefit can be claimed by providing the premium payment receipt or by visiting the nearest office of the insurance company and asking for an income tax certificate on their policy.
ITR Filing: What About Life Insurance Premium Paid For Children?
When it comes to the payment of life insurance premiums for children, Section 80C does not say that the children must be dependent on you. So, parents can avail tax benefits in the premium payments for the life insurance of their children, even if the child is a minor, adult, married, or unmarried.
Other Tax Deductions Under Section 80C
Section 80C of the Income Tax Act gives the provision to claim income tax deductions of up to ₹1,50,000 every year. Some other investments and expenditures that are exempted from income tax under this section are provident funds, NABARD Rural Bonds, ULIPs, National Savings Certificate, tax-saving FDs, ELSS, Sukanya Samriddhi Yojana, etc.
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