Mr. Rao, an individual who has opted out of the default regime under section 202, pays premiums on four life-insurance policies. Which premium qualifies under section 123 and Schedule XV of the…
Question and options
Mr. Rao, an individual who has opted out of the default regime under section 202, pays premiums on four life-insurance policies. Which premium qualifies under section 123 and Schedule XV of the Income-tax Act, 2025?
The premium on the life of his dependent younger brother
The premium on the life of his married son, aged 30
The premium on the life of his wife's father
The premium on the life of his dependent mother
Answer and explanation
Paragraph 1(a)(i) of Schedule XV covers premiums an individual pays on his own life, his spouse's life and the life of any child, whether minor or adult, married or not. Parents, brothers and in-laws are not listed, even if they are dependent, so the policy on the mother's life does not qualify.
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