Deduction U/s 80 C
This query is : Resolved
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.
Thanks
Thanks
06 November 2009
Lic premium paid is eligible for deductions U/S 80 c fully up to Rs.1.00 lac.
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
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.
07 November 2009
Agree with Mr.Haridhayalan.
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