80 deduction of lic premium paid

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 January 2015 hi i want to know i have paid Life insurance Premium 73,642 on 13.1.2015. Sum assured 1000000. whole amt 73642 will be applicable for deduction under section 80C or there is some other calculation method.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
Follow

22 January 2015 max 10 % is allowed on capital sum assured , so in your case upto 1 lkahs ( 10% of 10 lkahs) is allowed.

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

22 January 2015 Hi & what about ULIP & Insurance plans, plz reply

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
Follow

22 January 2015 https://taxguru.in/income-tax/all-about-deduction-under-section-80c-and-tax-planning.html

https://cleartax.in/Guide/section80deductions

https://www.moneycontrol.com/news/tax/section-80-c-tax-saving-instruments_573076.html

https://www.firstpost.com/investing/a-handy-list-of-instruments-with-tax-benefits-under-section-80-c-617190.html

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

22 January 2015 what is the calculation method for Pension plans or Ulip or simply whole premium paid amt allowed as deduction upto 1,50,000, urgent plz reply

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
Follow

27 January 2015 premium should not exceed 10% of the policy amount.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now