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Can we claim exemption on money back policy

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(Querist)
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
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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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