Deduction u/s 80 c

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AKASH UBVEJA (Querist)

17 February 2014 suppose a person has four policies of lic and he pays premium as follows
1. s.a. 200000 and premium is 25000
2. s.a. 300000 and premium is 25000
3. s.a. 250000 and premium is 25000
4. s.a. 100000 and premium is 10000 what will be amount of dedution?

Ashish

Ashish (Expert)

17 February 2014 Maximum limit is rs 100000 and deduction upto 20% of sum assured can be claimed

1. 25000
2. 25000
3. 25000
4. 10000

Total 85000

Total amount of rs 85000 is available for deduction

Sandeep Dharar

Sandeep Dharar (Expert)

17 February 2014 its 85000 for the respective year

AKASH UBVEJA

AKASH UBVEJA (Querist)

17 February 2014 sir, isnot it 10% of sum assured this year?

AVTAR SINGH

AVTAR SINGH (Expert)

17 February 2014 Limit of 10% of the sum assured is only for policies issued on or after 1.4.2012. The experts' reply is based on presumption that the policies have been issued prior to 1.4.2012.

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AKASH UBVEJA

AKASH UBVEJA (Querist)

17 February 2014 yes, these policies are issued after 1.4.2012

Ashish

Ashish (Expert)

17 February 2014 If policies issued after 01-04-2012, then in that case answer will be 80000

AVTAR SINGH

AVTAR SINGH (Expert)

17 February 2014 The eligible amount of first policy would be Rs.20000 and total Rs.80000.

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