Deduction U/SEc.37- Ins premium of relative who is employee

Assessee is Partnership Firm having 3 partners . Son and daughter of the one partner are working as employee for last more than 5 years . All the partners have decided to take the Term Policy( which is not key man Ins Policy)  in the name of these employees to safe guard the interest of firm, therefore decided to claim the same as deduction U/SEc. 37 of the Act. The nominee of the policy will be Firm. Whether this is allowable deduction in the hands of firm U/Sec. 37 of the Act ? Whether the premium paid will be considered…

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