POSTED BY December 6, 2012 11:48 pm COMMENTS (2)ON
I want to gift a term insurance policy to my son who is earning himself.
1. Can I claim tax benefit that I would have got if I had bought this policy for myself? Or would that benefit be claimed by my son?
2. Are there any other tax advantages that either me or my son can benefit?
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2 replies on this article “Gifting a Term Insurance Policy”
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your son cannot get any benefit if you pay. Obviously your son is not a minor so I dont think you will get any benefit either,. If you have registered as a HUF then you can get benefit.
80C I lakh limit is a joke and is likely to be increased soon. So if your sons pay the premium he can benefit from it in the long run.