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Deduction U/s 80c

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(Querist)
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?
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CA Hemant T Dewani

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CA Hemant T Dewani (Expert)
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
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CA. GOPAL SONIKA

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CA. GOPAL SONIKA (Expert)
28 February 2008 The premium paid subject to Rs.100000/-.
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CA Saurabh Maheshwari

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CA Saurabh Maheshwari (Expert)
28 February 2008 LIC PREMIUM CAN BE UPTO THE MAXIMUM LIMIT U/S 80C i.e RS. 100000/-
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R.V.RAO

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R.V.RAO (Expert)
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
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