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Can we claim exemption on money back policy

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sunita (Querist)
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26 July 2013 sir,
if my dad hv taken money back policy amt to 50000 and pay 3221 yearly...is it exempted under income tax act

plz reply

Guest

Guest (Expert)

26 July 2013 If the amount is in nature of life insurance premium then deduction u/s 80C can be claimed.

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