Can tax benefits be claimed if the premium is paid by an individual on his/her spouses policy?
Tax rebate under Section 88 can be claimed if the premium is paid by an individual on his/her spouse’s policy but up to Assessment Year 2005-06. From the Assessment Year 2006-07 life insurance premium paid by an individual on his/her spouse’s policy qualifies for a deduction under Section 80C of Income Tax Act, 1961.
