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Deduction U/s 80C

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Querist : Anonymous

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10 December 2010 LIC Premium Paid U/s 80C if policy surrender before 5 years is deductible U/s 80C

Querist : Anonymous

Querist : Anonymous (Querist)

10 December 2010 LIC Premium Paid U/s 80C if policy surrender before 5 years is deductible U/s 80C

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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10 December 2010 If an assessee terminates the Insurance policy before premiums have been paid for two years, no deduction shall be allowed under section 80C with reference to the premium paid in that year. Moreover the aggregate amount of the premiums paid and allowed as deduction under the said section in the earlier years shall be liable to taxed in the concerned assessment year in which the assessee terminates the policy.

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