Deduction will be allowed only for premiums upto a maximum of 10% of the sum assured for policy issued on or after April 1, 2012. Suppose if some one is paying yearly premium of Rs. 10000/- on SA Rs. 100000/-. In this case if someone paid two years premium together, is it allowable dedution?
Decution u/s 80c life insurance premium
Deepak Tapse (Accounts Manager - Taxation) (1771 Points)
09 March 2015
CAclubindia
