Deduction U/s 80c
This query is : Resolved
28 February 2008
I would like to know what is the amount of deduction in respect of LIC premium paid the assessee for the assessment year 2008-09?
28 February 2008
u/s 80C of the income tax act maximum deduction is rs. 100000/- is allowed to the individul,investment is not specified yoy will invest 100000/- in LIP
28 February 2008
The premium paid subject to Rs.100000/-.
28 February 2008
LIC PREMIUM CAN BE UPTO THE MAXIMUM LIMIT U/S 80C i.e RS. 100000/-
28 February 2008
UNDER 80 C DEDUCTION FOR LIC PREMIUM IS ALLOWED UPTO RS. ONE LAKH BUT THE PREMIUM SHOULD NOT EXCEED 20% OF SUM ASSURED.
R.V.RAO
R.V.RAO
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