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#1
11th January 2008, 10:04 AM
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Taxation Doubt - HRA and LIC premium
Hi,
I have some doubts for the tax calculation of this FY. In the current FY I have been calculated with huge taxes of 40K and want to save some more tax. Looking forward for your expert views in this direction. Below are the two areas in which I need your views: - I am residing in my own house which is on my parent's name. Can I use the exemption of HRA here, anyways out ? - To show savings of 1Lac U/s 80C, can I show that I pay premium of my parents LIC policy for this year only. For all the past years, my mother is using this for her tax rebate. Can I use this and take rebate for one time only? If yes, Is it required to pay the premium from my bank a/c or suppose my mom had paid the premium and I just showed the premium slip, Will this works for tax rebates ? Please guide me from your expert views on this. Thanks Anky 
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#2
11th January 2008, 11:56 AM
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Re: Taxation Doubt - HRA and LIC premium
You have a devised a very innovative way of saving tax, but sorry that is not possible. As per section 80C you can only show the investments made by you for youself and your dependents (parent can be considered dependent only if they are not having any regular income, which is not in your case).
And yes your account balance should reflect the investment made by you - only then will your IT returns show correct status - or else your investment is done by someone else and you just use your money as expenses then this Income tax dept will close down......  RJS
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#3
11th January 2008, 12:37 PM
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Re: Taxation Doubt - HRA and LIC premium
Thanks Rsalecha for your quick replies to the post..
Can anyone tell me the ideas about my HRA query.
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#4
11th January 2008, 11:29 PM
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Re: Taxation Doubt - HRA and LIC premium
Quote:
 U can go ahead wid the HRA thing. You are going to have to submit a copy of the agreement (not necessarily asked by every employer for TDS) and copies of the rent receipts.
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