Easy Office
LCI Learning

80c claim or not

Page no : 3
CA. Sameer Kashikar

CA. Sameer Kashikar (Chartered Accountant) (241 Points)
Replied 17 December 2015

Dear Ghanshyam Your question is too short for determining whether entire amount of premium can be claimed as deduction under section 80C of Income Tax Act. Details of death sum assured is required for the same However you can claim deduction upto 10% (15% in case of handicapped) of sum assured if the policy is issued on or after 1st April 2012. If the premium you have mentioned is less than pr equal to the 10% of death sum assured then you can claim entire amount as deduction if not it will be restricted to 10% of sum assured.


CA. Sameer Kashikar

CA. Sameer Kashikar (Chartered Accountant) (241 Points)
Replied 17 December 2015

Dear Ghanshyam Your question is too short for determining whether entire amount of premium can be claimed as deduction under section 80C of Income Tax Act. Details of death sum assured is required for the same However you can claim deduction upto 10% (15% in case of handicapped) of sum assured if the policy is issued on or after 1st April 2012. If the premium you have mentioned is less than pr equal to the 10% of death sum assured then you can claim entire amount as deduction if not it will be restricted to 10% of sum assured.

CA. Sameer Kashikar

CA. Sameer Kashikar (Chartered Accountant) (241 Points)
Replied 17 December 2015

Dear Ghanshyam Your question is too short for determining whether entire amount of premium can be claimed as deduction under section 80C of Income Tax Act. Details of death sum assured is required for the same However you can claim deduction upto 10% (15% in case of handicapped) of sum assured if the policy is issued on or after 1st April 2012. If the premium you have mentioned is less than pr equal to the 10% of death sum assured then you can claim entire amount as deduction if not it will be restricted to 10% of sum assured.

CA. Sameer Kashikar

CA. Sameer Kashikar (Chartered Accountant) (241 Points)
Replied 17 December 2015

Dear Ghanshyam Your question is too short for determining whether entire amount of premium can be claimed as deduction under section 80C of Income Tax Act. Details of death sum assured is required for the same However you can claim deduction upto 10% (15% in case of handicapped) of sum assured if the policy is issued on or after 1st April 2012. If the premium you have mentioned is less than pr equal to the 10% of death sum assured then you can claim entire amount as deduction if not it will be restricted to 10% of sum assured.

CA. Sameer Kashikar

CA. Sameer Kashikar (Chartered Accountant) (241 Points)
Replied 17 December 2015

Dear Ghanshyam Your question is too short for determining whether entire amount of premium can be claimed as deduction under section 80C of Income Tax Act. Details of death sum assured is required for the same However you can claim deduction upto 10% (15% in case of handicapped) of sum assured if the policy is issued on or after 1st April 2012. If the premium you have mentioned is less than pr equal to the 10% of death sum assured then you can claim entire amount as deduction if not it will be restricted to 10% of sum assured.



CA. Sameer Kashikar

CA. Sameer Kashikar (Chartered Accountant) (241 Points)
Replied 17 December 2015

Dear Ghanshyam Your question is too short for determining whether entire amount of premium can be claimed as deduction under section 80C of Income Tax Act. Details of death sum assured is required for the same However you can claim deduction upto 10% (15% in case of handicapped) of sum assured if the policy is issued on or after 1st April 2012. If the premium you have mentioned is less than pr equal to the 10% of death sum assured then you can claim entire amount as deduction if not it will be restricted to 10% of sum assured.

CA. Sameer Kashikar

CA. Sameer Kashikar (Chartered Accountant) (241 Points)
Replied 17 December 2015

Dear Ghanshyam Your question is too short for determining whether entire amount of premium can be claimed as deduction under section 80C of Income Tax Act. Details of death sum assured is required for the same However you can claim deduction upto 10% (15% in case of handicapped) of sum assured if the policy is issued on or after 1st April 2012. If the premium you have mentioned is less than pr equal to the 10% of death sum assured then you can claim entire amount as deduction if not it will be restricted to 10% of sum assured.

CA. Sameer Kashikar

CA. Sameer Kashikar (Chartered Accountant) (241 Points)
Replied 17 December 2015

Dear Ghanshyam Your question is too short for determining whether entire amount of premium can be claimed as deduction under section 80C of Income Tax Act. Details of death sum assured is required for the same However you can claim deduction upto 10% (15% in case of handicapped) of sum assured if the policy is issued on or after 1st April 2012. If the premium you have mentioned is less than pr equal to the 10% of death sum assured then you can claim entire amount as deduction if not it will be restricted to 10% of sum assured.

Jaideep singh chouhan

Jaideep singh chouhan (auditor ) (43 Points)
Replied 02 January 2016

1. Yes, you can claim as deduction. undersec.80C . 2. If your policy is not annuity basis (only single payment ) and policy is taken on or after 01 July 2012 than deduction will be 10% of min sumassured.


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Join CCI Pro

Recent Topics


More recent discussions | Post

Related Threads


Loading

Popular Discussion


    Loading please wait

view more »


Start a New Discussion

Trending Online Classes

view all classess
CCI Pro

Subscribe to the latest topics :

Search Forum:

Forum Home
Popular Threads
Recent Posts
Unreplied Threads
Post New Topic
Settings