banner_ad

Deduction U/s 80C For Insurance Premium

This query is : Resolved 
Profile Image

Profile Image

(Querist)
02 February 2011 My friend has recently taken a Home Loan from SBI. SBI has also sold him a term life insurance policy (SBILife Smart Shield). The premium of Rs. 96000- was also financed by SBI and paid directly to SBILife by debiting the Home Loan Account. Will this amount paid be allowed as deduction for FY 2010-11 Us 80C since the amount was not paid from his income chargeable to tax but was directly paid by the Bank.
Profile Image

Bhaskaran Chackrapani Warrier

Profile Image

Bhaskaran Chackrapani Warrier (Expert)
02 February 2011 Section 80C has been reintroduced by the Finance Act,2006 in which the condition of premium payment out of current years income is missing ( earlier section 80C and section 88 have that condition) meaning thereby your friend will get deduction under the said section provided the other conditions in the section are satisfied.
Profile Image

Guest

Profile Image

Guest (Expert)
02 February 2011 Agree with Mr. Warrier.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
11 May 2026
CA Dropout

Patron Accounting LLP

Pune

CA Inter

View Details
Company
29 May 2026
Finance Head

Bhawar Sales Corporation

Chennai

Graduate (Any)

View Details
Company
ARTICLESHIP 14 May 2026
CA ARTICLE

PRAVEEN GARG & CO

Faridabad

CA Foundation

View Details
Company
ARTICLESHIP 31 May 2026
Article Assistant

KPRS And Associates

New Delhi

CA Inter

View Details
Company
22 May 2026
Audit assistant

Displayandbeyond

Mumbai

CA

View Details
Company
21 May 2026
Associate

PWC

Kolkata

CA

View Details
Company
26 May 2026
Senior Accountant cum purchase Manager

Vardhaman Group of India

Pimpri Chinchwad

CA Inter

View Details
Company
ARTICLESHIP 27 May 2026
CA Article Trainee

Rahul Dang & Associates-Chartered Accountants

Pune

CA Inter

View Details