06 November 2009
I have paid a single Premium of Rs.1 lac in LIC Policy I want to know whether full amount is exempted u/s 80 c or part of it. It is Fixed Deposit type of policy.
06 November 2009
Dear Sarfraz LIC Premium aggrgate upto Rs. 1 lac is eligible for Deduction under section 80C it is immaterial whether u paid in a single premium or in no. of premium
07 November 2009
dear experts, Under Sec.80C for paying LIC premium should not exceeds 20% of Sum Assured. If Rs.100000/- premium covers the eligibility means ok. otherwise we have to calculate for that. This is as per my knowledge. let us get some more suggestions from our seniors.
CAclubindia
