Deduction for maintenance of handicapped dependant allowed for payments into Board-approved LIC or UTI schemes, subject to nomination and certification. A resident individual or Hindu undivided family may deduct amounts paid into Board approved schemes of the Life Insurance Corporation or the Unit Trust of India for maintenance of a handicapped dependant, subject to a statutory ceiling and payment from taxable income; the scheme must provide annuity or lump sum benefits on the subscriber's death and the subscriber must nominate a recipient for the dependant's benefit. If the dependant predeceases the subscriber, amounts equal to payments are treated as the subscriber's income when received. The section defines handicapped dependant and related institutional terms.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Deduction for maintenance of handicapped dependant allowed for payments into Board-approved LIC or UTI schemes, subject to nomination and certification.
A resident individual or Hindu undivided family may deduct amounts paid into Board approved schemes of the Life Insurance Corporation or the Unit Trust of India for maintenance of a handicapped dependant, subject to a statutory ceiling and payment from taxable income; the scheme must provide annuity or lump sum benefits on the subscriber's death and the subscriber must nominate a recipient for the dependant's benefit. If the dependant predeceases the subscriber, amounts equal to payments are treated as the subscriber's income when received. The section defines handicapped dependant and related institutional terms.
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