CCI Online Learning
What do you want to learn today?
     
CIBIL

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Deduction u/s 80 c

This query is : Resolved 

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?


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

its 85000 for the respective year

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

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.

yes, these policies are issued after 1.4.2012

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

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


You need to be the querist or approved CAclub expert to take part in this query .


Click here to login now



Similar Resolved Queries :





Trending Tags
ca
Others
Excise
gstr 9
eway bill
cag
Professional Resource
ca students
tin nsdl
career
gst
gst portal
Info Technology
ca rankholder interview
custom
epf
icsi
coronavirus
cbdt
gstr 3b
tcs
students
taxpayers
close
GST Live Class

FM by Grant Thornton    |    x