Deduction u/s. 80c
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 March 2015
The assessee had invest in Aviva Life Insurance on April 2006 of Rs.198,000/- premium per annum, Total Sum Assured Value is Rs.1,200,000/-, Last Premium Paid on April 2014, and Premature amount received of Rs.2,074,206 on May 2014 . I just wanted to know, the assessee has cover in Deduction U/s 80C of Rs 1.5 Lac for A.Y. 2015-16 relevant to F.Y. ending 31st March, 2015.
19 March 2015
Yes, deduction u/s 80C is allowable in FY 2014-15.
19 March 2015
for checking the availibility of premiuim u/s 80C provide how much premium u have paid in april 2014
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 March 2015
my query is Last premium paid on April, 2014 is Rs. 198,000/- but after next month the policy is premature, so let me know, is it cover in U/s 80C.
19 March 2015
yes since the sum assured was in 2006 and premium paid is not more then 20% of capital sum assured hence it is allowed for fy 2014-15 even if it is maturing in may 2014
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