Deduction under section 80 C
This query is : Resolved
14 November 2007
Whether the deduction under section 80 C for life insurance services availed will be available of the gross premium paid or amount net of service tax if the breakup of the premium charged is mentioned in the Life Insurance receipt.
14 November 2007
As per Section 80C any sums paid or deposited in the previous year by the assessee
(i) to effect or to keep in force an insurance on the life is allowed as deduction
Perimum amount is including service tax ,therefore 80C is allowed on gross amount
(i) to effect or to keep in force an insurance on the life is allowed as deduction
Perimum amount is including service tax ,therefore 80C is allowed on gross amount
14 November 2007
whatever is paid to keep in force an insurance is eligible ........in my opinion even the interest on delayed payemtn to keep in force the insurance also
15 November 2007
No only insurance amount without interest including service tax is allowed in Sec 80C
16 November 2007
Interest on delayed payment of LIC will not be allowed in Sec 80C. But service tax can be included. What Kirti S.Ganatra said is correct.
19 November 2007
Any sum paid to effect ot keep in force the Life Insurance policies, in my opinion also includes Servbice taxes and interest.
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