80c deduction- single premium policy

This query is : Resolved

nvrraj (Querist)
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01 August 2013 Please give details about eligibility of premium paid under SINGLE PREMIUM POLICY UNDER SEC 80C.
Taxability of maturity proceeds.
Thank You.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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01 August 2013 Actual Premium Paid or 20% of Sum Assured Vale whichever is less can be claimed as deduction u/s 80C.

Paras Chheda

Paras Chheda (Expert)
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01 August 2013 Limit of 20% of sum assured is for policies issued on or before 31st March 2012.

From 1st April 2013 limit of 20% is revised to 10% of sum assured.