News From Press Cash received as gift from certain relatives is not taxed

Cash received as gift from certain relatives is not taxed

Source: Livemint Jun 9, 2016

I have purchased life insurance policies for my wife and I. Can I claim a tax benefit on both? My wife is a homemaker.

—Ashok Singhal

An individual can claim tax deduction from total income in respect of payment made towards insurance premium under section 80C of the Income-tax Act, 1961, subject to an overall cap of Rs.1.5 lakh per annum. The deduction from total income can be availed towards payment of insurance premium for self, spouse and children.

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