ravirajsolanki
KF Rookie
My wife and I are paying for my parents' LIC premiums and we want to save tax on it. Is there any way we can save tax?
If any parents above 60 then you can claim 50,000 for medical insuranceYou cannot claim deduction for the payment of Life Insurance for Parents, there is no Provision for this.
But you can claim a deduction for payment of Health Insurance for Parents (Upto Rs. 25,000)