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Single premium lic polciy

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Querist : Anonymous (Querist)
12 June 2015 Single Premium LIC Policy allowed in income tax deduction u/s 80 or not ?


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CA. Sunil Gokhale

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CA. Sunil Gokhale (Expert)
12 June 2015 Yes it is eligible for deduction u/s 80C but premium limit is as follows:
Policy issued up to 31.3.2012 = 20% of sum assured.
Policy issued on or after 1.4.2012 = 10% of sum assured.
This is applicable for all policies.

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