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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GSTR-1A How to update Invoice
- Excess salary payment.
- Stamp Paper for partnership firm change new income tax 2025
- TDS on Purchase of Immovable Property by NRI from NRI
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Capital gain from sale of house property
- When TDS on GST applied
- Before GSTAT- APL-02 Vs APL-04
- Annual return in Gst
- FORM 26A APPLICABILITY
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
- Updated return in budget 2026
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
