80 deduction of lic premium paid

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

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

https://cleartax.in/Guide/section80deductions

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

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

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

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