80c
This query is : Resolved
CA JAYESH RELKAR
(Querist)
13 June 2015
1) what is the meaning of "single premium policy"
2) do we get deduction of MIS subscription? if yes under which clause of 80C???
2) do we get deduction of MIS subscription? if yes under which clause of 80C???
Amol S Joglekar
(Expert)
13 June 2015
one time premium is paid and the policy is opted. That is called single premium policy.
For such a policy, care be taken if it exceeds the 10% value of the sum assured, else it will loose the benefits under 80C
For such a policy, care be taken if it exceeds the 10% value of the sum assured, else it will loose the benefits under 80C
CA JAYESH RELKAR
(Querist)
13 June 2015
one time during any FY or during lifetime??
Amol S Joglekar
(Expert)
14 June 2015
one time indicates the time in the life time of policy.
The context otherwise does not provide any thing else and hence instead of one time, the more appropriate words are used in the Act viz SINGLE premium policy
The context otherwise does not provide any thing else and hence instead of one time, the more appropriate words are used in the Act viz SINGLE premium policy
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