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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

19 August 2014 Can I avail TO Deduct the LIC Premium of my Husband & my daughters, under 80C. How much the maximum amount of pemium I can vail.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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19 August 2014 Yes you can avail deduction for LIC premium paid by you for your husband and daughter u/s 80C. Maximum deduction available u/s 80C is Rs 1 lac. From FY 2014-15 maximum deduction available u/s 80C is Rs 1.50 lacs.

LIC Premium deduction is subject to maximum of 10% of sum assured value.

Rupesh Jain

Rupesh Jain (Expert)
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21 August 2014 YOU CAN TAEK DEDUCTION OF LIP FOR YOU YOUR WIFE AND CHILDEREN RS. 1.00 LCAS FOR 2013-14 F Y.

AND FOR F Y 2014-15 IT LIMIT IS RS. 1.50 LACS. BUT PREMIUIM SHOULD BE UPTO 10% OF THE SUM ASSURED IN A YEAR.