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POSTED BY ON December 6, 2012 11:48 pm COMMENTS (2)
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?
Thanks,
Ram.
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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.