Deduction u/s 80 c
This query is : Resolved
CA Suresh Poddar
(Querist)
06 August 2014
i invested rs.14000/- in LIC one time policy , will i get deduction u/s 80C . Note- sum assured is Rs.20000/-
Nikhil Kaushik
(Expert)
06 August 2014
no. you wont get the deduction.......
06 August 2014
You can claim deduction subject to maximum of 10% of sum assured. So in your case you can claim Rs 2000 as deduction u/s 80C.
Rupesh Jain
(Expert)
06 August 2014
you can claim in which you make payment for LIP and it is not more than 10% of sum assured.
06 August 2014
agreed with sanjay bhai's reply upto 10% of capital sum assured u can get the deduction
Nikhil Kaushik
(Expert)
06 August 2014
i stand corrected on my earlier advice. please follow as suggested by Sanjay.
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